BANKNIFTY Intraday Trade Setup For 11 Aug 2023
Bullish-Above 44735
Invalid-Below 44625
T- 44980 45290
Bearish-Below 44410
Invalid-Above 44520
T- 44170 43907
BANKNIFTY has closed on a bearish note with 0.76% cut. Yesterday closed on a bullish note although there was slight cut. It was discussed that 44700 zone will act as a support zone in case of a gap down. It worked perfectly, giving us 250+ points bounce. Later there was total volatility due to RBI event. Tomorrow on flat opening above 44610 there can be some small bounce however buy level is 44735. Same goes for downside, on a flat opening below 44410 we will get a trendy move.
Coming to Thursday's trade setup, if index opens flat and a 15 min candle closes above 44735 then we will long for the target of 44980 and 45290.
For selling we need a 15 Min candle close below 44410. T- 44170 and 43907.
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.
Bullish-Above 44735
Invalid-Below 44625
T- 44980 45290
Bearish-Below 44410
Invalid-Above 44520
T- 44170 43907
BANKNIFTY has closed on a bearish note with 0.76% cut. Yesterday closed on a bullish note although there was slight cut. It was discussed that 44700 zone will act as a support zone in case of a gap down. It worked perfectly, giving us 250+ points bounce. Later there was total volatility due to RBI event. Tomorrow on flat opening above 44610 there can be some small bounce however buy level is 44735. Same goes for downside, on a flat opening below 44410 we will get a trendy move.
Coming to Thursday's trade setup, if index opens flat and a 15 min candle closes above 44735 then we will long for the target of 44980 and 45290.
For selling we need a 15 Min candle close below 44410. T- 44170 and 43907.
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.
