BANKNIFTY Intraday Trade Setup For 5 Apr 2022
Buy-Above 38770
Sl-37600
T- 39050 39400 37700+
Sell-Below 38000
Sl-38150
T-37665 37200
BANKNIFTY has closed 4% up today. It was huge short covering after a big gap. This short covering move was triggered by the HDFC twins. HDFC was more than 19% up and HDFCBANK was 14% up during the day. It was a runaway gap trading session. The 10 o'clock range broke upside but that was really too fast. There was less opportunity in intraday. However we tried to buy from 0.618 intraday level.
Coming to tomorrow's trade setup, we will once again trade this continuation. So, as soon as 38770 is breached we will buy for the target of 39000-39050. Above this 39200 and 39400 will be tested. Safe traders can enter above 38800. 39000 is a psychological level. Book some here.
For selling we need a negative price action. Till now its been a week, There is no sign of weakness and index is in uptrend. If a 15 Min candle close below 38000 and a negative price action is established then only plan for sell. Weakness will come only when Index will close below previous day low. A aggressive scalp trade can be done below 38350 if a 15 min candle closes below that.
In case of a gap up/down, trade the 10 o'clock range breakout.
Buy-Above 38770
Sl-37600
T- 39050 39400 37700+
Sell-Below 38000
Sl-38150
T-37665 37200
BANKNIFTY has closed 4% up today. It was huge short covering after a big gap. This short covering move was triggered by the HDFC twins. HDFC was more than 19% up and HDFCBANK was 14% up during the day. It was a runaway gap trading session. The 10 o'clock range broke upside but that was really too fast. There was less opportunity in intraday. However we tried to buy from 0.618 intraday level.
Coming to tomorrow's trade setup, we will once again trade this continuation. So, as soon as 38770 is breached we will buy for the target of 39000-39050. Above this 39200 and 39400 will be tested. Safe traders can enter above 38800. 39000 is a psychological level. Book some here.
For selling we need a negative price action. Till now its been a week, There is no sign of weakness and index is in uptrend. If a 15 Min candle close below 38000 and a negative price action is established then only plan for sell. Weakness will come only when Index will close below previous day low. A aggressive scalp trade can be done below 38350 if a 15 min candle closes below that.
In case of a gap up/down, trade the 10 o'clock range breakout.
