BANKNIFTY Intraday Trade Setup For 20 Mar 2023
Buy-Above 39705
Sl-39595
T-40110 40515
Sell-Below 39220
Sl-39330
T-38895 38615
BANKNIFTY has closed on a bearish sentiment with more than 2% cut last week. Last week it finally hit our positional sell target (41550-38615). It gave dot reversal from the PRZ (1.618) which was 38615. So next leg of selling will will be triggered below 38600.This current week is a week base building and a bottom can be created. It has formed halt/reversal candles in daily TF so a pullback is very much possible. After that if we make bullish price structure above 39710 then we will start the upside journey.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 39705 then we will long for the target of 40110 and 40515.
For selling we need a 15 Min candle close below 39220. T- 38895 and 38615.
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 39705
Sl-39595
T-40110 40515
Sell-Below 39220
Sl-39330
T-38895 38615
BANKNIFTY has closed on a bearish sentiment with more than 2% cut last week. Last week it finally hit our positional sell target (41550-38615). It gave dot reversal from the PRZ (1.618) which was 38615. So next leg of selling will will be triggered below 38600.This current week is a week base building and a bottom can be created. It has formed halt/reversal candles in daily TF so a pullback is very much possible. After that if we make bullish price structure above 39710 then we will start the upside journey.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 39705 then we will long for the target of 40110 and 40515.
For selling we need a 15 Min candle close below 39220. T- 38895 and 38615.
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.
