NIFTY Intraday Trade Setup For 12 Oct 2022

NIFTY Intraday Trade Setup For 12 Oct 2022

Sell_1- From 17115
Sl-17165
T- 17020 16950 16890

Sell_2-Below 16950
Sl-17000
T-16890 16825 16750

NIFTY has closed on a negative note with 1.49% gain. Yesterday it closed on a positive sentiment but it was not continued as it did not go above last day's high. Instead sell was triggered as per trade setup. In the 1st attempt it bounced and in the 2nd attempt it gave the sell targets. (17140-16951). Now today's sentiment will continue below today's low. We may test the last swing low- 16750.

Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes below 16950 then we will short for the target of 16890, 16825 and 16750. A pullback/bounce is needed before breakdown and that will be considered.

Second sell position can be created from 17115 for the target of 17020, 16950 and 16890. This will be considered in the level is tested in the 1st hours.

Buying will be done only when there is a bullish price structure and that will be done by seeing live data.

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.