BANKNIFTY Intraday Trade Setup For 6 Feb 2023
Buy-Above 41540
Sl-41430
T-42000 42550+
Sell-Below 40600
Sl-40710
T- 40350 40050
BANKNIFTY has closed on a bullish sentiment with more than 2% on Friday. Weekly candle has closed almost at 50% of the previous red candle with 2.86% gain. Market is still inside inside the Budget day wide range. So my view as of now is neutral or nothing. We need some more price action for positional view. Currently it is at hourly resistance so if we a proper negative price structure forms then we will look for a sell trade or else sit tight. Intraday trade setups are more considerable than pre analysis.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle close above 41540 then we will long for the target of 42015 above that we will trail.
For selling we need a 15 Min candle close below 40600. T- 40350 and 40050.
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 41540
Sl-41430
T-42000 42550+
Sell-Below 40600
Sl-40710
T- 40350 40050
BANKNIFTY has closed on a bullish sentiment with more than 2% on Friday. Weekly candle has closed almost at 50% of the previous red candle with 2.86% gain. Market is still inside inside the Budget day wide range. So my view as of now is neutral or nothing. We need some more price action for positional view. Currently it is at hourly resistance so if we a proper negative price structure forms then we will look for a sell trade or else sit tight. Intraday trade setups are more considerable than pre analysis.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle close above 41540 then we will long for the target of 42015 above that we will trail.
For selling we need a 15 Min candle close below 40600. T- 40350 and 40050.
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.
