NIFTY Intraday Trade Setup For 11 May 2022

NIFTY Intraday Trade Setup For 11 May 2022

Buy-Above 16410
Sl-16350
T- 16480 16600

Sell-Below 16140
Sl-16200
T-16070 16000

NIFTY has formed an inverted hammer in daily TF. After hitting daily PRZ, lower low has stopped. A base is being formed in this zone. Now 16400 is the key level for a reversal.

Coming to tomorrow's trade setup, we need a 15 min candle close above 16400 to initiate a buy position. Above the breakout candle's high, we will long for the target of 16480, 16550 and 16600.

For selling we need a 15 Min candle close below 16150.Below this candle low, we will build a short position. Target will be 16070 and 16000. 15980-16000 can act as support zone.

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.

Intraday Support-16150
Intraday Resistance-16500

Hourly Support- 15980-16000
Hourly Resistance- 16700