BANKNIFTY Intraday Trade Setup For 05 June 2023
Buy-Above 44090
Sl- 43985
T- 44305 44515
Sell-Below 43840
Sl-43945
T- 43680 43475
BANKNIFTY has closed on a slight bearish note last week, after a fresh ATH which we were targeting since long time. In hourly TF we are currently inside the parallel channel/ rising wedge pattern. We tested the the lower trendline last week and then a small support was taken.
Now breakout of this rising wedge will be considered below 43700. Above 44090 if we sustained then more bounce from the lower trendline will unfold. Important turning point level is 44500 in the upside for a bullish momentum.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44090 then we will long for the target of 44305 and 44515.
For selling we need a 15 Min candle close below 43840. T- 43680 and 43475.
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 44090
Sl- 43985
T- 44305 44515
Sell-Below 43840
Sl-43945
T- 43680 43475
BANKNIFTY has closed on a slight bearish note last week, after a fresh ATH which we were targeting since long time. In hourly TF we are currently inside the parallel channel/ rising wedge pattern. We tested the the lower trendline last week and then a small support was taken.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44090 then we will long for the target of 44305 and 44515.
For selling we need a 15 Min candle close below 43840. T- 43680 and 43475.
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.
