BANKNIFTY Intraday Trade Setup For 30 May 2022
Buy-Above 35700
Sl-35600
T-35950 36050
Sell-Below 35490
Sl-35600
T-35400 35200
BANKNIFTY closed at day high on Friday. Last week we saw a range shift above 34800. It has given 900 points straight rally after breaking 34800. Weekly target lies near 36700.Pullbacks are expected in between. So, we can a expect a pullback from 36000 after a good move. No aggressive selling till Index closes below previous day low.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 35700. Long above its high for the target of 35950 and 36050. 36000 is an area from where we can plan for short trade if a negative price action is established.
For selling if a 15 Min candle closes below 35500, short below its low for the target of 35400, 35300 and 35200.
A big gap up can lead to profit booking, hence a short trade can be planned.
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.
Intraday Support- 35200
Intraday Resistance- 36000
Hourly Support- 34700-800
Hourly Resistance- 36700
Buy-Above 35700
Sl-35600
T-35950 36050
Sell-Below 35490
Sl-35600
T-35400 35200
BANKNIFTY closed at day high on Friday. Last week we saw a range shift above 34800. It has given 900 points straight rally after breaking 34800. Weekly target lies near 36700.Pullbacks are expected in between. So, we can a expect a pullback from 36000 after a good move. No aggressive selling till Index closes below previous day low.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 35700. Long above its high for the target of 35950 and 36050. 36000 is an area from where we can plan for short trade if a negative price action is established.
For selling if a 15 Min candle closes below 35500, short below its low for the target of 35400, 35300 and 35200.
A big gap up can lead to profit booking, hence a short trade can be planned.
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.
Intraday Support- 35200
Intraday Resistance- 36000
Hourly Support- 34700-800
Hourly Resistance- 36700
