BANKNIFTY Intraday Trade Setup For 1 Jun 2023
Buy-Above 44270
Sl-44165
T- 44515 44755
Sell-Below 43820
Sl-43925
T- 43575 43330
BANKNIFTY has closed on a bearish note with 0.69% cut today. It opened with a slight gap down and then sell triggered with a very big candle. Trade hit both the targets as per trade setup. 10 o'clock range broke downside below 44050 and gave a trendy move. Trade gave more than 200 points with around 100 points which was 1:2 (44050-43823). Today's low is very important. If tomorrow's low is breached tomorrow then we will initiate the pullback move in daily TF. Sustaining above today's high in daily TF may result in uptrend continuation.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 44270 then we will long for the target of 44515 and 44755.
For selling we need a 15 Min candle close below 43820. T- 43575 and 43330. 44045 is turning point for both sides.
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 44270
Sl-44165
T- 44515 44755
Sell-Below 43820
Sl-43925
T- 43575 43330
BANKNIFTY has closed on a bearish note with 0.69% cut today. It opened with a slight gap down and then sell triggered with a very big candle. Trade hit both the targets as per trade setup. 10 o'clock range broke downside below 44050 and gave a trendy move. Trade gave more than 200 points with around 100 points which was 1:2 (44050-43823). Today's low is very important. If tomorrow's low is breached tomorrow then we will initiate the pullback move in daily TF. Sustaining above today's high in daily TF may result in uptrend continuation.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 44270 then we will long for the target of 44515 and 44755.
For selling we need a 15 Min candle close below 43820. T- 43575 and 43330. 44045 is turning point for both sides.
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.
