NIFTY Intraday Trade Setup For 09 Feb 2022
Buy-Above 17310
Sl-17260
T-17380 17460 17500
Sell-Below 17120
Sl-17160
T-17000 16900
NIFTY has formed a hammer or kind of dragonfly doji . The current fall may subside here for some time. Action will be seen above 17310.
We planned to sell below 17110. We got around 60 points profit. However There was a trendline breakdown below 17200 after 10 o'clock.
Then we saw a sharp V shape recovery and index closed near day high.
So, we will wait for a candle close above 17290. Then if 17310 is breached then we will buy for the target of 17380 and 17450.
For selling, we need to wait till 17150. if we get a closing below 17150 in 15 TF. Then below 17120 we will sell for the target of 17045 and 17000 and below that.
It has made inverse head & shoulder pattern in 15 Min chart. High probability trade is in buy side.
Incase of a big gap up or gap down, we will wait till 10 o'clock then trade that range.