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NIFTY Intraday Trade Setup For 8 Jun 2022

Nifty 50 Index (NSE:NIFTY)  
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NSE:NIFTY   Nifty 50 Index
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NIFTY Intraday Trade Setup For 8 Jun 2022

Buy-Above 16445
Sl-16400
T- 16520 16570

Sell-Below 16345
Sl-16390
T- 16270 16170

NIFTY has formed a small hammer like candle in daily TF. Last day we planned to sell below 16550 which was not triggered because of the gap down opening. By the time it triggered our 2nd sell level 16440 and hit our target of 16350 in the downside. As usual bounce from the marked support zone.

Coming to tomorrow's trade setup, if a 15 Min candle closes above 16445. Long for the target of 16520 and 16570. Book max at 16520.

If a 15 Min candle closes below 16350. Short for the target of 16270 and 16170. 16270 is a intraday PRZ area if index shows some kind of reversal signal then book shorts here otherwise hold till 16170.

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.

Intraday Support- 16270
Intraday Resistance- 16520

Hourly Support- 16170
Hourly Resistance- 16800

Tomorrow is RBI monetary policy.
Trade active:
If opens with a decent gap up then avoid long position from buy level.

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