NIFTY Intraday Trade Setup For 5 May 2022
Buy-Above 16730
Sl-16680
T-16800 16830
Sell-Below 16620
Sl-16670
T-16500 16450
NIFTY has closed below an important level i.e 16800.The weekly range has been shifted. Approach from here will be sell on rise. Targets are opened till 16100. Last line of defence is 16580-16600. Below this the downtrend will be confirmed.
If it opens flat and crosses below 16620 then short for the target of 16500 and 16450.
On a flat opening if a 15 Min candle closes above 16730 then long for the target of 16800.Then a short trade can planned from 16800-16825.
In case we open gap down and the 1st 15 Min candle is a bullish reversal candle. Then long above its high, target will be 16700.
Gap up opening will lead to a rangebound session.
Buy-Above 16730
Sl-16680
T-16800 16830
Sell-Below 16620
Sl-16670
T-16500 16450
NIFTY has closed below an important level i.e 16800.The weekly range has been shifted. Approach from here will be sell on rise. Targets are opened till 16100. Last line of defence is 16580-16600. Below this the downtrend will be confirmed.
If it opens flat and crosses below 16620 then short for the target of 16500 and 16450.
On a flat opening if a 15 Min candle closes above 16730 then long for the target of 16800.Then a short trade can planned from 16800-16825.
In case we open gap down and the 1st 15 Min candle is a bullish reversal candle. Then long above its high, target will be 16700.
Gap up opening will lead to a rangebound session.
