BANKNIFTY Intraday Trade Setup For 31 Jan 2023

BANKNIFTY Intraday Trade Setup For 31 Jan 2023

Buy-Above 40790
T- 41275 41750

Sell-Below 39410
T- 39000 38600

BANKNIFTY has closed closed on a neutral note today with just 42 points gain. This was yet another volatile day ahead of Union Budget. Today it opened with gap down of more than 1% and violent mega moves were seen. It opened and shot up more than 1000 points then fell more than 1300 points and then again shot up 1000 points. Budget volatility likely to continue this week. Trade very safely and only when Sls are smaller and RR is perfect. 10 o'clock range broke downside and gave more than 200 points. Tomorrow's closing will be important to see as where it will settle itself ahead of event. However Sentimental effect will be more than technical.

Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 40790 then we will long for the target of 41275 and 41750.

For selling we need a 15 Min candle close below 39410. T- 39000 and 38600.

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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