BANKNIFTY Weekly Outlook + Intraday Trade Setup for 2 May 2022
BANKNIFTY Intraday Trade Setup For 2 May 2022
Sell_1- Below 35970
Sl-36100
T-35800 35600
Sell_2- From 36550
Sl-36650
T-36400 36200
BANKNIFTY has formed a bearish engulfing candle in daily TF. 200 EMA is flat in daily TF, sideways trend. Important level for a range shift is 35500 in the lower side and 37000 in upper side.
Coming to Monday's trade setup, we will look for selling opportunity. If index opens flat and breaks 35970 then sell for the target of 35800 and 35600. This trade will be active and ideal only on flat opening.
Second sell position can be opened from 36550 level. Sl will be small here. Targets will be 36400,36300 and 36000. Long will be considered above 36720 if a 15 Min candle closes above this.
In case we open with a big gap down, if 1st candle is a bullish reversal candle then will buy above candle high.
If we open gap up then best opportunity will not be there , it result in a range bound market.
Weekly Outlook
35500 is a crucial support level below this we can see a good fall. Target will be opened for 34300.
If a a daily candle closes above 37000 and a follow up is seen then a can see a good upside momentum. Targets will be opened for 38000 and 39000.
A shooting star candle is formed in monthly TF.
Breakdown of 35500 can trigger a good downside momentum.
Sell_1- Below 35970
Sl-36100
T-35800 35600
Sell_2- From 36550
Sl-36650
T-36400 36200
BANKNIFTY has formed a bearish engulfing candle in daily TF. 200 EMA is flat in daily TF, sideways trend. Important level for a range shift is 35500 in the lower side and 37000 in upper side.
Coming to Monday's trade setup, we will look for selling opportunity. If index opens flat and breaks 35970 then sell for the target of 35800 and 35600. This trade will be active and ideal only on flat opening.
Second sell position can be opened from 36550 level. Sl will be small here. Targets will be 36400,36300 and 36000. Long will be considered above 36720 if a 15 Min candle closes above this.
In case we open with a big gap down, if 1st candle is a bullish reversal candle then will buy above candle high.
If we open gap up then best opportunity will not be there , it result in a range bound market.
Weekly Outlook
35500 is a crucial support level below this we can see a good fall. Target will be opened for 34300.
If a a daily candle closes above 37000 and a follow up is seen then a can see a good upside momentum. Targets will be opened for 38000 and 39000.
A shooting star candle is formed in monthly TF.
