BANKNIFTY Intraday Trade Setup For 7 Feb 2023
Buy-Above 41550
Sl-41440
T-41779 42000
Sell-Below 41260
Sl-41370
T-41050 40839
BANKNIFTY has closed on a slight bearish sentiment today with 0.3% cut. Overall it just traded at 41400 the whole day as straddle were opened. Today it opened flat and buy triggered as per trade setup but due to huge volatility 110 points sl hit which was recovered on 2nd attempt. Also 10 o'clock range broke downside below 41384 and gave 120 points again which was 1:1. Just like NIFTY it has also formed a range and we will use that to build our trade next day.
Comin to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 41550 then we will long for the target of 41779 and 42000.
For selling we need a 15 Min candle close below 41260. T- 41050 and 40839. Ext T- 40500.
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 41550
Sl-41440
T-41779 42000
Sell-Below 41260
Sl-41370
T-41050 40839
BANKNIFTY has closed on a slight bearish sentiment today with 0.3% cut. Overall it just traded at 41400 the whole day as straddle were opened. Today it opened flat and buy triggered as per trade setup but due to huge volatility 110 points sl hit which was recovered on 2nd attempt. Also 10 o'clock range broke downside below 41384 and gave 120 points again which was 1:1. Just like NIFTY it has also formed a range and we will use that to build our trade next day.
Comin to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 41550 then we will long for the target of 41779 and 42000.
For selling we need a 15 Min candle close below 41260. T- 41050 and 40839. Ext T- 40500.
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.
