NIFTY Weekly Outlook With Intraday Trade Setup for 2 May 2022
NIFTY Intraday Trade Setup For 2 May 2022
Sell_1- Below 17050
Sl-17120
T-16950 16850
Sell_2- From 17300
Sl-17350
T-17200 17100
NIFTY has formed a bearish engulfing candle in daily TF. Nifty is trading between 50 EMA and 200 EMA in daily TF. Between 17450 and 16800. This range shift will give direction move either side. Above 17450 target will be 18000 and below 16800 target will be 16150. 0.618 level is placed at 16600 level in daily TF.
Coming to Monday's trade setup, we will find selling opportunity first. If index opens flat and breaks 17050 then short for the target of 16950 and 16850.
Second sell position can be opened from 17300. Sl will be small from here. Targets will be 17200 and 17100. Long to be considered only above 17450.
In case we open with a big gap down, if the 1st 15 Min candle is bullish reversal candle then above that candle high plan for long with sl below the low of the candle.
A gap up opening can lead to rangebound market.
Weekly Outlook-
It has made an inside candle in weekly TF.
This range breakout will give initial 600 points move either side. Important level i.e 0.618 is placed at 16600. A bounce can be expected from this region. After bounce if the last swing low will be broken then 16150 will be tested.
Above 17450 it will test 18000 and above. A daily candle close is needed above this.
Sell_1- Below 17050
Sl-17120
T-16950 16850
Sell_2- From 17300
Sl-17350
T-17200 17100
NIFTY has formed a bearish engulfing candle in daily TF. Nifty is trading between 50 EMA and 200 EMA in daily TF. Between 17450 and 16800. This range shift will give direction move either side. Above 17450 target will be 18000 and below 16800 target will be 16150. 0.618 level is placed at 16600 level in daily TF.
Coming to Monday's trade setup, we will find selling opportunity first. If index opens flat and breaks 17050 then short for the target of 16950 and 16850.
Second sell position can be opened from 17300. Sl will be small from here. Targets will be 17200 and 17100. Long to be considered only above 17450.
In case we open with a big gap down, if the 1st 15 Min candle is bullish reversal candle then above that candle high plan for long with sl below the low of the candle.
A gap up opening can lead to rangebound market.
Weekly Outlook-
It has made an inside candle in weekly TF.
Above 17450 it will test 18000 and above. A daily candle close is needed above this.
