NIFTY Intraday Trade Setup For 16 Jan 2023
Buy-Above 18000
Sl- 17950
T- 18073 18157
Sell- Below 17934
Sl-17980
T-17869 17815
NIFTY has closed on a bullish sentiment with 0.55% gain on Friday. Weekly trade setup and analysis has been shared already. Important levels discussed were 17760 and 18270. Breakout of this range will give us the next directional move. 500 points will be the initial target after breakout. On Friday we have seen a sharp recovery from day low. It has closed near day high is a sign of bullishness. This bullishness will continue above 18000. For selling we need to be a bit safe till bearish structure establishes as a strong trend has been established in 15 Min TF. 0.382 will act as a confluence on dip.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 18000 then we will long for the target of 18073 and 18157.
For selling we need a 15 Min candle close below 17930. T- 17869 this can act as a strong support as it is 0.58 FIB level. Post bounce if we slide the we will hit 17815.
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.
Buy-Above 18000
Sl- 17950
T- 18073 18157
Sell- Below 17934
Sl-17980
T-17869 17815
NIFTY has closed on a bullish sentiment with 0.55% gain on Friday. Weekly trade setup and analysis has been shared already. Important levels discussed were 17760 and 18270. Breakout of this range will give us the next directional move. 500 points will be the initial target after breakout. On Friday we have seen a sharp recovery from day low. It has closed near day high is a sign of bullishness. This bullishness will continue above 18000. For selling we need to be a bit safe till bearish structure establishes as a strong trend has been established in 15 Min TF. 0.382 will act as a confluence on dip.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 18000 then we will long for the target of 18073 and 18157.
For selling we need a 15 Min candle close below 17930. T- 17869 this can act as a strong support as it is 0.58 FIB level. Post bounce if we slide the we will hit 17815.
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.
