NIFTY Intraday Trade Setup For 6 May 2022
Buy-None
Sell-Below 16600
Sl-16660
T-16500 16425
NIFTY has formed an inside candle in daily TF. It can be a trend continuation setup in the downside. Activation is always above and below mother candle high and low. Higher chances to break downside tomorrow. Best scenario will be on flat opening.
Coming to tomorrow's trade setup, we will plan for a sell trade below 16620 if a 15 Min candle closes below. Below that candle low we will sell for the target of 16500 and 16425. Book max here.
In case we open with a big gap down and it forms a bullish reversal candle in the 1st 15 Min. Above that candle high we will plan to buy for a small target.
Then a sell trade can be planned from 16625-16650. Target will be 16500 and 16425.
On a gap up opening, ignore trading tomorrow.16825-16850 can act as an resistance.
No buying as of now till a bullish price action is established in 15 Min chart.
Important support- 16425-16450
resistance- 16825-16850
Inside candle-
Buy-None
Sell-Below 16600
Sl-16660
T-16500 16425
NIFTY has formed an inside candle in daily TF. It can be a trend continuation setup in the downside. Activation is always above and below mother candle high and low. Higher chances to break downside tomorrow. Best scenario will be on flat opening.
Coming to tomorrow's trade setup, we will plan for a sell trade below 16620 if a 15 Min candle closes below. Below that candle low we will sell for the target of 16500 and 16425. Book max here.
In case we open with a big gap down and it forms a bullish reversal candle in the 1st 15 Min. Above that candle high we will plan to buy for a small target.
Then a sell trade can be planned from 16625-16650. Target will be 16500 and 16425.
On a gap up opening, ignore trading tomorrow.16825-16850 can act as an resistance.
No buying as of now till a bullish price action is established in 15 Min chart.
Important support- 16425-16450
resistance- 16825-16850
Inside candle-
