BANKNIFTY Intraday Trade Setup For 16 Mar 2023
Buy-Above 39220
Sl-39110
T-39550 39900+
Sell-Below 38930
Sl-39040
T- 38615 38300
BANKNIFTY has closed on a bearish sentiment with 0.91% cut today. After our first positional sell level- 41550 was triggered it has been in a bearish phase. Now it is near our 1st target 38700. Last week our extended sell level was 40340 which was triggered on Monday and the trade is going buttery smooth as no TSL is hit across TFs. We will just sleep on this till we get any sign of reversal which is PDH on CB or till we get any sign of reversal by bullish price structure or any reversal candle in daily TF. Today it opened with a big gap up and 10 o'clock range broke downside below 39650 and gave move till 38935 with 125 points sl.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 39220 then we will long for the target of 39550 and 39900+.
For selling we need a 15 Min candle close below 38930. T- 38615 and 38300.
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 39220
Sl-39110
T-39550 39900+
Sell-Below 38930
Sl-39040
T- 38615 38300
BANKNIFTY has closed on a bearish sentiment with 0.91% cut today. After our first positional sell level- 41550 was triggered it has been in a bearish phase. Now it is near our 1st target 38700. Last week our extended sell level was 40340 which was triggered on Monday and the trade is going buttery smooth as no TSL is hit across TFs. We will just sleep on this till we get any sign of reversal which is PDH on CB or till we get any sign of reversal by bullish price structure or any reversal candle in daily TF. Today it opened with a big gap up and 10 o'clock range broke downside below 39650 and gave move till 38935 with 125 points sl.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 39220 then we will long for the target of 39550 and 39900+.
For selling we need a 15 Min candle close below 38930. T- 38615 and 38300.
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.
