NIFTY Intraday Trade Setup For 22 Aug 2023
NIFTY Intraday Trade Setup For 22 Aug 2023
Bullish-Above 19430
Invalid-Below 19380
T- 19505 19595
Bearish-Below 19350
Invalid-Above 19400
T- 19250 19170
NIFTY has closed on a bullish note with 0.43% gain today. Buy triggered as per trade setup above 19380 and gave small momentum till 19425 which did not hit our target. Target was not achieved as the run started from 19300 zone itself. In the weekend we have already discussed that 19500 is the last swing high in hourly TF, so its a key resistance. After it is validated by fall thereafter 19500 is sustained then there will be a chance of reversal. 19250 is the hourly support, break of which will unfold downside momentum.
Coming to Tuesday's trade setup, if index opens flat and a 15 min candle closes above 19430 then we will long for the target of 19505 and 19595.
For selling we need a 15 min candle close below 19350.
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.
Bullish-Above 19430
Invalid-Below 19380
T- 19505 19595
Bearish-Below 19350
Invalid-Above 19400
T- 19250 19170
NIFTY has closed on a bullish note with 0.43% gain today. Buy triggered as per trade setup above 19380 and gave small momentum till 19425 which did not hit our target. Target was not achieved as the run started from 19300 zone itself. In the weekend we have already discussed that 19500 is the last swing high in hourly TF, so its a key resistance. After it is validated by fall thereafter 19500 is sustained then there will be a chance of reversal. 19250 is the hourly support, break of which will unfold downside momentum.
Coming to Tuesday's trade setup, if index opens flat and a 15 min candle closes above 19430 then we will long for the target of 19505 and 19595.
For selling we need a 15 min candle close below 19350.
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.
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