NIFTY Intraday Trade Setup For 24 May 2022
Buy-Above 16415
Sl-16360
T- 16500 16600 16700
Sell-Below 16200
Sl-16260
T-16100 16000
NIFTY has formed a shooting star candle in daily TF, closed almost flat. Last day we planned to buy above 16280. As soon a 5 Min candle candle closed above our buy level it gave a move till our target 16400+. Then a sharp fall from 6400 was seen. It was a smooth day.
Coming to tomorrow's trade setup, we will long above 16415. Aggressive trade can be done if a 15 min candle closes above 16400. This time it will be a short covering move and index will head towards 16500, 16600 and 16700.
For selling if a 15 Min candle closes below 16200 then short for the target of 16100 and 16000. One can short from 16350 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- 16000
Intraday Resistance- 16400
Hourly Support- 15750
Hourly Resistance- 16400
Buy-Above 16415
Sl-16360
T- 16500 16600 16700
Sell-Below 16200
Sl-16260
T-16100 16000
NIFTY has formed a shooting star candle in daily TF, closed almost flat. Last day we planned to buy above 16280. As soon a 5 Min candle candle closed above our buy level it gave a move till our target 16400+. Then a sharp fall from 6400 was seen. It was a smooth day.
Coming to tomorrow's trade setup, we will long above 16415. Aggressive trade can be done if a 15 min candle closes above 16400. This time it will be a short covering move and index will head towards 16500, 16600 and 16700.
For selling if a 15 Min candle closes below 16200 then short for the target of 16100 and 16000. One can short from 16350 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- 16000
Intraday Resistance- 16400
Hourly Support- 15750
Hourly Resistance- 16400
