BANKNIFTY Intraday Trade Setup For 7 Dec 2022
Buy-Above 43210
Sl-43100
T-43370 43520 42700
Sell-Below 43075
Sl-43185
T-42940 42800 42650
BANKNIFTY has closed on a negative sentiment with almost half percent cut. It has closed near day low which is a negative sign. It showed both way movement in the morning then later consolidated completely in the 2nd half. Sell triggered as per trade setup and gave just 80 points till closing. An inside candle has been formed in daily TF which is sign of contraction. This will burst out on breakout of the mother candle's high and low. Also tomorrow is RBI monetary policy day. So we can expect this contraction burst out tomorrow.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43210 then we will long for the target of 43370, 43520 and 43700+.
For selling we need a 15 Min candle close below 43075. Target will be 42950, 42800 and 42650.
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 43210
Sl-43100
T-43370 43520 42700
Sell-Below 43075
Sl-43185
T-42940 42800 42650
BANKNIFTY has closed on a negative sentiment with almost half percent cut. It has closed near day low which is a negative sign. It showed both way movement in the morning then later consolidated completely in the 2nd half. Sell triggered as per trade setup and gave just 80 points till closing. An inside candle has been formed in daily TF which is sign of contraction. This will burst out on breakout of the mother candle's high and low. Also tomorrow is RBI monetary policy day. So we can expect this contraction burst out tomorrow.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43210 then we will long for the target of 43370, 43520 and 43700+.
For selling we need a 15 Min candle close below 43075. Target will be 42950, 42800 and 42650.
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.
