BANKNIFTY Intraday Trade Setup For 22 May 2023
Buy-Above 44021
Sl-43915
T- 44305 44555
Sell-Below 43790
Sl-43900
T- 43530 43290
BANKNIFTY has closed on bullish note last day and week with 0.5% and 0.4% gain respectively. Last week it traded within a range of 750 points. 44160 and 43440 are important levels and hourly range. Breakout of this range will give us a directional move. Last day it formed a pin bar candle in daily TF. So we can expect a good up move above last day's high- 44021. Below 43440 we will initiate a bigger pullback/down move. If we sustain above 44160 then we may hit 45025 in the higher side.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44021 then we will long for the target of 44305 and 44555.
For selling we need a 15 Min candle close below 43790. T- 43530 and 43290.
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 44021
Sl-43915
T- 44305 44555
Sell-Below 43790
Sl-43900
T- 43530 43290
BANKNIFTY has closed on bullish note last day and week with 0.5% and 0.4% gain respectively. Last week it traded within a range of 750 points. 44160 and 43440 are important levels and hourly range. Breakout of this range will give us a directional move. Last day it formed a pin bar candle in daily TF. So we can expect a good up move above last day's high- 44021. Below 43440 we will initiate a bigger pullback/down move. If we sustain above 44160 then we may hit 45025 in the higher side.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44021 then we will long for the target of 44305 and 44555.
For selling we need a 15 Min candle close below 43790. T- 43530 and 43290.
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.
