NIFTY Intraday Trade Setup For 9 May 2022
Buy-Above 16485
Sl-14440
T-16570 16700
Sell-Below 16340
Sl-16390
T-16240 16150
NIFTY has formed a doji candle in daily TF. It is a trend pause candle. Above candle's high a pullback of the down move can be seen. Below candle low, downtrend will continue. Last week we planned to sell below 16800. Our target was 16150. It has given 450 points profit.
Coming to Monday's trade setup, we will sell below 16340 for the target of 16240 and 16150. 16125-16150 can act as a support.
For buying we need a 15 Min candle close above 16480. Above that candle high we will long for the target of 16570 and 16700. 16700 can act as a resistance.
Intraday Support- 16340
Intraday Resistance- 16485
Hourly Support- 16150
Hourly Resistance- 16700
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 16485
Sl-14440
T-16570 16700
Sell-Below 16340
Sl-16390
T-16240 16150
NIFTY has formed a doji candle in daily TF. It is a trend pause candle. Above candle's high a pullback of the down move can be seen. Below candle low, downtrend will continue. Last week we planned to sell below 16800. Our target was 16150. It has given 450 points profit.
Coming to Monday's trade setup, we will sell below 16340 for the target of 16240 and 16150. 16125-16150 can act as a support.
For buying we need a 15 Min candle close above 16480. Above that candle high we will long for the target of 16570 and 16700. 16700 can act as a resistance.
Intraday Support- 16340
Intraday Resistance- 16485
Hourly Support- 16150
Hourly Resistance- 16700
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.
