NIFTY Intraday Trade Setup For 31 May 2022

NIFTY Intraday Trade Setup For 31 May 2022

Buy-Above 16700
Sl-16650
T-16800 16900 16950

Sell-Below 16600
Sl-16660
T-16500 16400

NIFTY broke 16400 and closed almost 1% up today. The breakout came from a big gap up btw. The hourly trendline is also broken via the gap up. Targets are opened for 17200 for the coming weeks. No aggressive selling till a negative price action is established in 15 Min. A downtrend will be established once daily candle closes below PDL(Previous day Low).

Coming to tomorrow's trade setup, if index opens flat and a 15 Min candle closes above 16700. Long above its high for the target of 16800, 16900 and 16950.

For selling we need a 15 min candle close below 16600. Below the breakdown candle's low, short for the target of 16500 and 16400.

In case of a big gap up, below the 1st 15 Min candle low we can plan for a short trade.

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- 16400
Intraday Resistance- 16950

Hourly Support-16400
Hourly resistance-17200