Nifty Trade setup for 06 MAY 2022

Nifty Trade setup for 06 MAY 2022

Nifty formed a inside day bar on daily time frame closing around previous day low.

We can expect some good break out move tomorrow in case if the previous day low is getting compromised.

The CPR is bearishly aligned for tomorrow.

GAP UP Opening :

In case of Gap up opening, 16763 should act as a strong resistance, any resistance around these we can expect Nifty to again test previous day low & further lower targets.

GAP Down Opening :

In case of Gap down opening below PDL, we can expect first support around 16575 & that getting compromised we can expect 16500 & 16400 levels.

Flat Opening:
In case of flat opening, we will wait for rejection from PDL & go short or a support at Previous day low we can go for quick scalp to CPR.