BANKNIFTY Intraday Trade Setup For 5 May 2022
Sell_1- From 35750
Sl-35850
T-35500 35400
Sell_2-Below 35120
Sl-35220
T-35000 34900 34800
BANKNIFTY has made a big red candle in daily TF. We planned to buy above 36250 last day. It could not sustain itself. So we sold from 36200. All targets were hit. Tomorrow's closing will give us a idea about this down side move, weather it will sustain or not. Closing below 35000 will be important to watch.
Coming to tomorrow's trade setup, we will sell below 35120 if it opens flat and crosses. Target will be 35000, 34900 and 34800. 35000 is a psychological level.
In case it open with a big gap down and the 1st 15 Min candle is a bullish reversal candle then we will long above its high.
If it opens gap up near 35750 then short from here for the target of 35500 and 35400.
35500 can also act as resistance. So price action here will be important to watch.
No buying as of now. Range till 10 o'clock will be used to trade on range breakout.
Sell_1- From 35750
Sl-35850
T-35500 35400
Sell_2-Below 35120
Sl-35220
T-35000 34900 34800
BANKNIFTY has made a big red candle in daily TF. We planned to buy above 36250 last day. It could not sustain itself. So we sold from 36200. All targets were hit. Tomorrow's closing will give us a idea about this down side move, weather it will sustain or not. Closing below 35000 will be important to watch.
Coming to tomorrow's trade setup, we will sell below 35120 if it opens flat and crosses. Target will be 35000, 34900 and 34800. 35000 is a psychological level.
In case it open with a big gap down and the 1st 15 Min candle is a bullish reversal candle then we will long above its high.
If it opens gap up near 35750 then short from here for the target of 35500 and 35400.
35500 can also act as resistance. So price action here will be important to watch.
No buying as of now. Range till 10 o'clock will be used to trade on range breakout.
