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BANKNIFTY Intraday Trade Setup For 16 May 2022

Nifty Bank Index (NSE:BANKNIFTY)  
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NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Harmonic Patterns Chart Patterns BANKNIFTY bankniftyanalysis bankniftyforecast bankniftyprediction bankniftyintradaytradesetup bankniftytradesetup bankniftyintradaylevels bankniftylevels niftybank
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BANKNIFTY Intraday Trade Setup For 16 May 2022

Buy-Above 34000
Sl-33900
T-34200 34350

Sell-Below 33000
Sl-33100
T-32800 32400

BANKNIFTY closed in a negative sentiment on Friday. Fell from our sell level- 34000. It is a psychological resistance level. Still approach is sell on rise. Its in downtrend across all TFs. Now, the important support is 33000. Break down of this is the trigger to short.

If it opens flat and crosses 33000 then short for the target 32600 , 32500 and 32400. Important support area is 32200.

For buying we need a 15 Min candle close above 34000. Above breakout candle, long for the target of 34200 and 34350.

One can short from 33600 for the target of 33300 and 33000.

Hourly Support- 32200
Hourly Resistance- 34800

Intraday Resistance- 34000
Intraday Support- 32625-50

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NIFTY Intraday Trade Setup For 16 May 2022
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