BANKNIFTY Intraday Trade Setup For 16 May 2023
Buy-Above 44155
Sl-44050
T- 44355 44555
Sell-Below 44000
Sl-44105
T- 43800 43595
BANKNIFTY has closed on a bullish sentiment with 0.64% gain today. It hit our 1st target in long which we have been carrying from 42385 (24 Apr). Currently it is giving more than 1700 points. Till now our TSL is intact which is PDL on closing basis. If a daily candle closes below PDL and that red candle's low is breached then we will exit with TSL. In case of TSL we will have a pullback scenario. Sustaining above today's high will lead a fresh rally tomorrow. 44k is important for downside.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44155 then we will long for the target of 44355 and 44555.
For selling we need a 15 Min candle closes below 44000. T- 43800 and 43595.
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 44155
Sl-44050
T- 44355 44555
Sell-Below 44000
Sl-44105
T- 43800 43595
BANKNIFTY has closed on a bullish sentiment with 0.64% gain today. It hit our 1st target in long which we have been carrying from 42385 (24 Apr). Currently it is giving more than 1700 points. Till now our TSL is intact which is PDL on closing basis. If a daily candle closes below PDL and that red candle's low is breached then we will exit with TSL. In case of TSL we will have a pullback scenario. Sustaining above today's high will lead a fresh rally tomorrow. 44k is important for downside.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44155 then we will long for the target of 44355 and 44555.
For selling we need a 15 Min candle closes below 44000. T- 43800 and 43595.
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.
