Get started
Omahto

NIFTY Intraday Trade Setup For 31 May 2022

Nifty 50 Index (NSE:NIFTY)  
Omahto  
NSE:NIFTY   Nifty 50 Index
Trend Analysis Harmonic Patterns Chart Patterns NIFTY niftyanalysis niftyprediction niftyforecast niftyintradaytradesetup niftytradesetup niftyintradaylevels niftylevels nifty50
8
0
trendanalysis harmonicpatterns chartpattern nifty niftyanalysis niftyprediction niftyforecast niftyintradaytradesetup niftytradesetup niftyintradaylevels niftylevels nifty50
NIFTY Intraday Trade Setup For 31 May 2022

Buy-Above 16700
Sl-16650
T-16800 16900 16950

Sell-Below 16600
Sl-16660
T-16500 16400

NIFTY broke 16400 and closed almost 1% up today. The breakout came from a big gap up btw. The hourly trendline is also broken via the gap up. Targets are opened for 17200 for the coming weeks. No aggressive selling till a negative price action is established in 15 Min. A downtrend will be established once daily candle closes below PDL(Previous day Low).

Coming to tomorrow's trade setup, if index opens flat and a 15 Min candle closes above 16700. Long above its high for the target of 16800, 16900 and 16950.

For selling we need a 15 min candle close below 16600. Below the breakdown candle's low, short for the target of 16500 and 16400.

In case of a big gap up, below the 1st 15 Min candle low we can plan for a short trade.

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- 16400
Intraday Resistance- 16950

Hourly Support-16400
Hourly resistance-17200

Related Ideas

Omahto
BANKNIFTY Intraday Trade Setup For 31 May 2022
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.