NIFTY Intraday Trade Setup For 11 Aug 2022
Buy-Above 17565
Sl-17505
T-17625 17680
Sell-Below 17480
Sl-17540
T- 17405 17373
NIFTY has closed on a flat note and made a pause candle in daily TF. Its a hanging man in daily TF. This is a reversal cum pause candle. If the next daily candle closes below its low then we can expect some profit booking in the coming days. However bulls are on fire and they can pull NIFTY above its high too. In that case we will head higher with no surprise.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle close above today's high- 17565. We will long for the target of 17625 and 17680-17700. Always ride the long with trailing sl.
For selling we need a 15 Min candle close below 17480. Shorting from this level is an aggressive trade. Safe traders should short below 17440. Target will be 17405, 17350-70.
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 17565
Sl-17505
T-17625 17680
Sell-Below 17480
Sl-17540
T- 17405 17373
NIFTY has closed on a flat note and made a pause candle in daily TF. Its a hanging man in daily TF. This is a reversal cum pause candle. If the next daily candle closes below its low then we can expect some profit booking in the coming days. However bulls are on fire and they can pull NIFTY above its high too. In that case we will head higher with no surprise.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle close above today's high- 17565. We will long for the target of 17625 and 17680-17700. Always ride the long with trailing sl.
For selling we need a 15 Min candle close below 17480. Shorting from this level is an aggressive trade. Safe traders should short below 17440. Target will be 17405, 17350-70.
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.
