BANKNIFTY Intraday Trade Setup For 8 Sep 2022
Buy-Above 39575
Sl-39465
T-39760 39905
Sell-Below 39255
Sl-39365
T-39060 38850
BANKNIFTY has closed on a negative note with 0.5% cut. The hourly range was tested a day before. Breakout of the hourly range will be confirmed above 40100. Last day we planned to sell below 39560 but it opened with a decent gap down. But our sell level was treated as stiff resistance and fell more than 150 points. We already planned to trade on 10 o'clock range breakout in case of any gap up/down. It broke upside above 39500 and gave just 60 points then turned sideways.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 39575 then we will long for the target of 39760, 39905. Extended target will be 40000+.
For selling we need a 5/15 Min candle close below 39257 then we will short for the target of 39000-39060. 2nd target will be 38850.
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 39575
Sl-39465
T-39760 39905
Sell-Below 39255
Sl-39365
T-39060 38850
BANKNIFTY has closed on a negative note with 0.5% cut. The hourly range was tested a day before. Breakout of the hourly range will be confirmed above 40100. Last day we planned to sell below 39560 but it opened with a decent gap down. But our sell level was treated as stiff resistance and fell more than 150 points. We already planned to trade on 10 o'clock range breakout in case of any gap up/down. It broke upside above 39500 and gave just 60 points then turned sideways.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 39575 then we will long for the target of 39760, 39905. Extended target will be 40000+.
For selling we need a 5/15 Min candle close below 39257 then we will short for the target of 39000-39060. 2nd target will be 38850.
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.
