NIFTY Intraday Trade Setup For 17 May 2023
Buy-Above 18380
Sl-18330
T- 18460 18535
Sell-Below 18260
Sl-18310
T- 18190 18110
NIFTY has closed on a bearish note with 0.68% cut. It has closed below PDL so below today today's low our TSL in long will be hit. And we can expect some fall as a pullback of the uptrend. Also there will be a trendline breakdown in hourly TF. Today sell triggered as per trade setup and gave 115 points gain (18380-18265). This profit booking is triggered as we hit ATH in BANKNIFTY and a correction is obvious from resistance. Bullish momentum above 18380.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 18380 then we will long for the target of 18460 and 18535.
For selling we need a 15 Min candle close below 18260. T- 18190 and 18110.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Buy-Above 18380
Sl-18330
T- 18460 18535
Sell-Below 18260
Sl-18310
T- 18190 18110
NIFTY has closed on a bearish note with 0.68% cut. It has closed below PDL so below today today's low our TSL in long will be hit. And we can expect some fall as a pullback of the uptrend. Also there will be a trendline breakdown in hourly TF. Today sell triggered as per trade setup and gave 115 points gain (18380-18265). This profit booking is triggered as we hit ATH in BANKNIFTY and a correction is obvious from resistance. Bullish momentum above 18380.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 18380 then we will long for the target of 18460 and 18535.
For selling we need a 15 Min candle close below 18260. T- 18190 and 18110.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
