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NIFTY Intraday Trade Setup For 20 May 2022

Nifty 50 Index (NSE:NIFTY)  
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NSE:NIFTY   Nifty 50 Index
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NIFTY Intraday Trade Setup For 20 May 2022

Buy-Above 15900
Sl-15850
T-16000 16085

Sell- Below 15735
Sl-15785
T- 15650 15600 15500

NIFTY has closed at 15800. It opened with a big gap down. Tested hourly support- 15900 in the 1st 15 Min. gave a perfect bounce of more than 50 points from there. Then 10 o'clock range broke downside below 15900 and it gave a smooth downside trendy move till 15800.

Coming to tomorrow's trade setup- if a 15 min candle closes above 15900 then long for the target of 16000. Do not go for big target in long side.

If index opens flat and crosses 15735 then short for the target of 15650,15600 and 15500. One can do a aggressive short below 15775 also.

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- 15735-50
Intraday Resistance- 16000

Hourly Support-15735
Hourly Resistance-16400

Next support below 15700 will be 15500.

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