NIFTY Intraday Trade Setup For 8 May 2023

NIFTY Intraday Trade Setup For 8 May 2023

Buy-Above 18170
Sl-18120
T- 18270 18365

Sell-Below 18055
Sl-18105
T- 17957 17873

NIFTY has closed on bearish sentiment last day with 1% cut and almost flat last week. It has formed a shooting star in weekly TF. Below its low- 18055 we will start a small down move which will be the pullback of the mega up move. Pullback move can take NIFTY to 17800 zone. We will resume the bullish momentum if this week's low is safe and we cross 18270. Tomorrow's opening will have a sentiment impact on tomorrow's session.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 18170 then we will long for the target of 18270 and 18365.

For selling we need a 15 Min candle close below 18055. T- 17957 and 17873.

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.