NIFTY Intraday Trade Setup For 16 May 2023
Buy-Above 18460
Sl-18410
T- 18535 18610
Sell-Below 18380
Sl-18430
T- 18287 18190
NIFTY has closed on a bullish sentiment with 0.46% gain today. Our swing long trade from 17685 ( from 24 Apr) is intact. It is giving more than 700 points gain as of now. If a daily candle closes below PDL and that red candle's is breached then we will exit our longs with TSL. In case of TSL possibility of a pullback will open up. Bullishness likely to continue above today's high- 18460. Index will be weak below trendline on a bearish price structure.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 18460 then we will long for the target of 18535 and 18610.
For selling we need a 15 Min candle close below 18380. T- 18287 and 18190.
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 18460
Sl-18410
T- 18535 18610
Sell-Below 18380
Sl-18430
T- 18287 18190
NIFTY has closed on a bullish sentiment with 0.46% gain today. Our swing long trade from 17685 ( from 24 Apr) is intact. It is giving more than 700 points gain as of now. If a daily candle closes below PDL and that red candle's is breached then we will exit our longs with TSL. In case of TSL possibility of a pullback will open up. Bullishness likely to continue above today's high- 18460. Index will be weak below trendline on a bearish price structure.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 18460 then we will long for the target of 18535 and 18610.
For selling we need a 15 Min candle close below 18380. T- 18287 and 18190.
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.
