NIFTY Intraday Trade Setup For 16 May 2022
Buy-Above 16090
Sl-16030
T-16200 16300
Sell-Below 15730
Sl-15790
T-15650 15500
NIFTY has closed almost flat on Friday. Last day down move ended at day low. 17730-17700 is now an important support, breakdown will be the trigger to trade continuation in the down side. Still approach is sell on rise, no major changes.
Coming to Monday's trade setup, if index opens flat and crosses 15730 then short for the target of 15500 and 15350.
If a 15 Min candle closes above 16085 then above that candle, we will long for the target of 15200 and 15300. Major trend is in downside so riding the up-move should be strictly trailed.
Risky trader can sell from 16000 once for the target of 15900 and 15850.
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.
Hourly Support- 15350
Hourly Resistance- 16400
Intraday Support- 15490
Intraday Resistance- 16000
Buy-Above 16090
Sl-16030
T-16200 16300
Sell-Below 15730
Sl-15790
T-15650 15500
NIFTY has closed almost flat on Friday. Last day down move ended at day low. 17730-17700 is now an important support, breakdown will be the trigger to trade continuation in the down side. Still approach is sell on rise, no major changes.
Coming to Monday's trade setup, if index opens flat and crosses 15730 then short for the target of 15500 and 15350.
If a 15 Min candle closes above 16085 then above that candle, we will long for the target of 15200 and 15300. Major trend is in downside so riding the up-move should be strictly trailed.
Risky trader can sell from 16000 once for the target of 15900 and 15850.
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.
Hourly Support- 15350
Hourly Resistance- 16400
Intraday Support- 15490
Intraday Resistance- 16000
