BANKNIFTY Intraday Trade Setup For 4 May 2022
Buy-Above 36240
Sl-36100
T-36400 36500 36600
Sell-Below 35800
Sl-35900
T-35600 35500
BANKNIFTY has given a dead cat bounce on Monday after a big fall followed by a big gap down. We planned for a reversal trade if opens gap down. The 1st candle shoed bullishness and then a range was formed and we saw a breakout in the last 45 Min. This move can further be extended above 36240.
Buy above 36240 for the target of 36500 and 36600.Hourly trendline is plotted in pink. Book max near this. It can resist once again. So 36500-36600 can act as a supply zone.
For selling we if a 15 Min candle closes below 35900. Then below that candle low we can sell for the target of 35600 and 35500. Safe traders should enter below 35800.
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.
Buy-Above 36240
Sl-36100
T-36400 36500 36600
Sell-Below 35800
Sl-35900
T-35600 35500
BANKNIFTY has given a dead cat bounce on Monday after a big fall followed by a big gap down. We planned for a reversal trade if opens gap down. The 1st candle shoed bullishness and then a range was formed and we saw a breakout in the last 45 Min. This move can further be extended above 36240.
Buy above 36240 for the target of 36500 and 36600.Hourly trendline is plotted in pink. Book max near this. It can resist once again. So 36500-36600 can act as a supply zone.
For selling we if a 15 Min candle closes below 35900. Then below that candle low we can sell for the target of 35600 and 35500. Safe traders should enter below 35800.
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.
