BANKNIFTY Intraday Trade Setup For 28 Mar 2022
Buy-Above 35750
Sl-35650
T-35900 36000 36150
Sell-Below 35200
Sl-35300
T-35000 34800 34700
BANKNIFTY has closed near the hourly support zone 35400. We have seen a good retracement from 0.618 level discussed on 21 Mar analysis. Index has given more than 1000 points downfall from there. Week was good with all the shorting trades. Only one day we saw dramatic short covering move but that did not sustain and continued its down move.
Coming to Monday's trade setup, we will sell in the continuation, we will sell below 35200 (Friday's low).We need a candle close below this. Target will be 35000. It is a psychological level consider booking 80% profit and rest trail for further down move till 34800.
Buying will be done only above 35750. We need a 15 Min candle close above this to build our long. Target will be near 36000 and 36150. Book max near 36000. Hold rest for any further move till 36150. A small scalp can be done above 35600 for a 100 points gain.
Ideal trade will be flat opening, wait till 10 o'clock in case of a big gap up/down. Trade on the breakout/down of the 10 o'clock trading range.
Buy-Above 35750
Sl-35650
T-35900 36000 36150
Sell-Below 35200
Sl-35300
T-35000 34800 34700
BANKNIFTY has closed near the hourly support zone 35400. We have seen a good retracement from 0.618 level discussed on 21 Mar analysis. Index has given more than 1000 points downfall from there. Week was good with all the shorting trades. Only one day we saw dramatic short covering move but that did not sustain and continued its down move.
Coming to Monday's trade setup, we will sell in the continuation, we will sell below 35200 (Friday's low).We need a candle close below this. Target will be 35000. It is a psychological level consider booking 80% profit and rest trail for further down move till 34800.
Buying will be done only above 35750. We need a 15 Min candle close above this to build our long. Target will be near 36000 and 36150. Book max near 36000. Hold rest for any further move till 36150. A small scalp can be done above 35600 for a 100 points gain.
Ideal trade will be flat opening, wait till 10 o'clock in case of a big gap up/down. Trade on the breakout/down of the 10 o'clock trading range.
