NIFTY Intraday Trade Setup For 16 Aug 2022
Buy-Above 17725
Sl- 17670
T-17800 17870
Sell-Below 17660
Sl-17710
T-17600 17550
NIFTY has closed mild positive on last Friday. Closing is near day high. Above Friday's high- 17725 we will head higher towards 17800 and 17870. We have enjoyed a very good rally from 15950 till 17700+. We may consolidate at higher levels or a pullback can be seen from 18000(+/- 100) levels. Also we are near the weekly trendline resistance which is valid from Oct 2022. We have been trailing our longs to previous day low (closing basis). Weakness will come when daily candle close below previous day low.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 17725, we will long for the target of 17800 and 17870.
For selling we need a 15 Min candle close below 17660. Downside target will be 17600 and 17550.
15 Min candle close below 17595 will open more downside targets.
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.
Buy-Above 17725
Sl- 17670
T-17800 17870
Sell-Below 17660
Sl-17710
T-17600 17550
NIFTY has closed mild positive on last Friday. Closing is near day high. Above Friday's high- 17725 we will head higher towards 17800 and 17870. We have enjoyed a very good rally from 15950 till 17700+. We may consolidate at higher levels or a pullback can be seen from 18000(+/- 100) levels. Also we are near the weekly trendline resistance which is valid from Oct 2022. We have been trailing our longs to previous day low (closing basis). Weakness will come when daily candle close below previous day low.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 17725, we will long for the target of 17800 and 17870.
For selling we need a 15 Min candle close below 17660. Downside target will be 17600 and 17550.
15 Min candle close below 17595 will open more downside targets.
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.
