NIFTY Intraday Trade Setup For 21 Oct 2022

NIFTY Intraday Trade Setup For 21 Oct 2022

Buy-Above 17585
Sl-17535
T- 17642 17723 17808

Sell-Below 17520
Sl-17570
T- 17465 17420 17340

NIFTY has closed on a positive note with 50 points gain today. Our swing long position which was triggered on 18 Oct @ 17430 is intact. Today level was retested but none candle closed below 17430. Our TSL is cost , if a 15 min candle closes below that then we will exit. Also shift TSL in 15 Min TF gradually. Last day we planned to sell below 17470 which gave almost 1:1 and then TSL was hit as we already discussed that we will trail sl with RR ratio.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 17585 then we will long for the target of 17642, 17723 and 17808.

For selling we need a 15 Min candle close below 17520. Target will be 17465, 17420. If sustains below 17420 then sharp fall can be seen.

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.