NIFTY Intraday Trade Setup For 24 Aug 2022

NIFTY Intraday Trade Setup For 24 Aug 2022

Buy-Above 17626
Sl-17565
T- 17710 17820

Sell-Below 17525
Sl-17580
T-17425 17350

NIFTY has closed on a positive note with 0.5% gain. It opened with a decent gap down near 17350 and a sharp recovery was seen. Last day we planned to trade on 10 o'clock range in case of any big gap up/down. The range was broken in the last few min. BANKNIFTY was more trending than NIFTY. It was volatile session.

Coming to tomorrow's trade setup, if we open flat and a 5/15 Min candle closes above 17626 then we will long for the target near gap area- 17710-17730. Next target will be 17825.

For selling we need a 5/15 min candle close below 17525. Downside targets will be 17425 and 17350. Safe traders should consider a short position below 17500.

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.