NIFTY Intraday Trade Setup For 5 Apr 2022
Buy-Above 18120
Sl-18070
T-18200 18350 18400
Sell-Below 17880
Sl-17930
T-17790 17700
NIFTY has closed 2% up today. 90% of the gain is contributed by HDFC Twins. Short covering triggered in HDFC Twins due to its merger news. HDFC was 19% and HDFCBANK was 14 % up today. It was a massive short covering move. The 10 o'clock range broke upside but it was too fast but gave 80 points. This week target was 18000 , it is met today itself. Index has closed above the psychological level 18000. ATH is not too far.
Coming to tomorrow's trade setup, we will trade on continuation. So, buy above 18120 for the target of 18200 and 18350. 18400 will our final target. Ideal trade will be flat opening. Above 18350 index can show a good upside move. Short sellers sls are getting triggered or they are coving their shorts. Book max near 18350.
For selling we need a negative price action in 15 TF. Since one week it is higher high and higher lows in 15 TF. There is no sign of weakness till now. Weakness will be spotted only when a daily candle will close below previous day low. Aggressive traders can sell if 17970 is breached in 15 Min TF and a negative price action is established. Actual sell level will get triggered below 17880 on a 15 Min candle close.
In case of a gap up/down. Trade the 10 o'clock trading range breakout.
Buy-Above 18120
Sl-18070
T-18200 18350 18400
Sell-Below 17880
Sl-17930
T-17790 17700
NIFTY has closed 2% up today. 90% of the gain is contributed by HDFC Twins. Short covering triggered in HDFC Twins due to its merger news. HDFC was 19% and HDFCBANK was 14 % up today. It was a massive short covering move. The 10 o'clock range broke upside but it was too fast but gave 80 points. This week target was 18000 , it is met today itself. Index has closed above the psychological level 18000. ATH is not too far.
Coming to tomorrow's trade setup, we will trade on continuation. So, buy above 18120 for the target of 18200 and 18350. 18400 will our final target. Ideal trade will be flat opening. Above 18350 index can show a good upside move. Short sellers sls are getting triggered or they are coving their shorts. Book max near 18350.
For selling we need a negative price action in 15 TF. Since one week it is higher high and higher lows in 15 TF. There is no sign of weakness till now. Weakness will be spotted only when a daily candle will close below previous day low. Aggressive traders can sell if 17970 is breached in 15 Min TF and a negative price action is established. Actual sell level will get triggered below 17880 on a 15 Min candle close.
In case of a gap up/down. Trade the 10 o'clock trading range breakout.
