NIFTY Intraday Trade Setup For 06 Mar 2023
Buy-Above 17645
Sl-17595
T-17745 17845
Sell-Below 17585
Sl-17635
T-17500 17400
NIFTY has closed on bullish note last week with slight gain of 0.74% It has formed a almost like a hammer candle in weekly TF. It was updated on 28 Feb that we are near bottom and the very next day it played out and now next round selling will be triggered below 17250 only which is current week's low. Above 17650 if sustained, we will head higher. But for reversal we need a proper bullish price structure in hourly TF. So a pullback and then previous swing BO in the upside will initiate that.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 17645 then we will long for the target of 17745 and 17845.
For selling we need a 15 Min candle close below 17585. T- 17500 and 17400.
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 17645
Sl-17595
T-17745 17845
Sell-Below 17585
Sl-17635
T-17500 17400
NIFTY has closed on bullish note last week with slight gain of 0.74% It has formed a almost like a hammer candle in weekly TF. It was updated on 28 Feb that we are near bottom and the very next day it played out and now next round selling will be triggered below 17250 only which is current week's low. Above 17650 if sustained, we will head higher. But for reversal we need a proper bullish price structure in hourly TF. So a pullback and then previous swing BO in the upside will initiate that.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 17645 then we will long for the target of 17745 and 17845.
For selling we need a 15 Min candle close below 17585. T- 17500 and 17400.
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.
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