BANKNIFTY Intraday Trade Setup For 06 Nov 2023

BANKNIFTY Intraday Trade Setup For 06 Nov 2023

Bullish-Above 43420
Invalid-Below 43310
T- 43715 43935

Bearish-Below 43220
Invalid-Above 43330
T- 42915 42665

BANKNIFTY has closed on a slight bullish note with 1.25% gain last week. Last to this previous week, trend was strong in downside. So continuation of that bearish move seems below 42100 as of now. 43850 zone seems to be a CIP resistance so we will treat this as a confluence zone, action to be taken on further PA. On a bullish price structure in daily TF we will plan a confirmed bullish reversal trade. Best trade will be on flat opening or else it will be overall sideways market in intraday.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 43420 then we will long for the target of 43715 and 43935.

For selling we need a 15 Min candle close below 43220. T- 42915 and 42665.

In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.

I am Not SEBI Registered

This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.


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