NIFTY Intraday Trade Setup For 7 Jun 2022
Buy-Above 16615
Sl-16560
T-16710 16765
Sell-Below 16550
Sl-16600
T- 16500 16440
NIFTY has closed almost flat and formed an doji candle in daily TF. last day we planned to sell below 16565, gave us entry in the opening and hit our target near 16440 in just 10 Min. Target was the hourly and intraday support which was already shared in the last trade setup. As usual a hammer formed at support and index shot up 160 points from there.
IT has formed an pause candle, next move will be triggered above and below of the high and low of the doji candle.
Coming to tomorrow's trade setup, if index opens flat and a 15 Min candle closes above 16600. Above its high we will long for the target of 16700. Book max near 16720. Extended target can be 17765.
For selling if a 15 Min candle closes below 16550. Short for a small target of 50-70 points. Below 16440 a short position can be opened for bigger targets- 16350, 16270 and 16200.
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- 16440
Intraday Resistance- 16720
Hourly Support- 16440
Hourly Resistance- 16800
Buy-Above 16615
Sl-16560
T-16710 16765
Sell-Below 16550
Sl-16600
T- 16500 16440
NIFTY has closed almost flat and formed an doji candle in daily TF. last day we planned to sell below 16565, gave us entry in the opening and hit our target near 16440 in just 10 Min. Target was the hourly and intraday support which was already shared in the last trade setup. As usual a hammer formed at support and index shot up 160 points from there.
IT has formed an pause candle, next move will be triggered above and below of the high and low of the doji candle.
Coming to tomorrow's trade setup, if index opens flat and a 15 Min candle closes above 16600. Above its high we will long for the target of 16700. Book max near 16720. Extended target can be 17765.
For selling if a 15 Min candle closes below 16550. Short for a small target of 50-70 points. Below 16440 a short position can be opened for bigger targets- 16350, 16270 and 16200.
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- 16440
Intraday Resistance- 16720
Hourly Support- 16440
Hourly Resistance- 16800
