BANKNIFTY Intraday Trade Setup For 31 Aug 2023
Sell_1_From 44550
Invalid-Above 44660
T- 44350 44150
Sell_2- Below 44140
Invalid-Above 44250
T- 43875 43600
BANKNIFTY has closed on a bearish note today with 0.59% cut. It opened with a very big gap up today so 10 o'clock range was to be used as per trade setup. 10 o'clock range broke downside below 43635 and last swing high/sl was 44695 in 5 Min TF. With just 60 points sl it gave a mega gain of 450+ points, also no previous swing high was tested so TSL was intact. Tomorrow in case of a gap near 44550 would be an opportunity to sell again with 110 points risk. Below 44140 bearish sentiment likely to follow.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes below 44140 then we will short for the target of 43875 and 43600.
In case of a gap up if 44550 is tested in the first hour then we will short from there. T- 43350 and 43875.
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.
Sell_1_From 44550
Invalid-Above 44660
T- 44350 44150
Sell_2- Below 44140
Invalid-Above 44250
T- 43875 43600
BANKNIFTY has closed on a bearish note today with 0.59% cut. It opened with a very big gap up today so 10 o'clock range was to be used as per trade setup. 10 o'clock range broke downside below 43635 and last swing high/sl was 44695 in 5 Min TF. With just 60 points sl it gave a mega gain of 450+ points, also no previous swing high was tested so TSL was intact. Tomorrow in case of a gap near 44550 would be an opportunity to sell again with 110 points risk. Below 44140 bearish sentiment likely to follow.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes below 44140 then we will short for the target of 43875 and 43600.
In case of a gap up if 44550 is tested in the first hour then we will short from there. T- 43350 and 43875.
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.
