BANKNIFTY Intraday Trade Setup For 24 Jan 2023
BANKNIFTY Intraday Trade Setup For 24 Jan 2023
Buy-Above 42870
Sl-42760
T-43017 43300
Sell-Below 42725
Sl-42835
T-42500-30 42297
BANKNIFTY ha closed on a bullish sentiment with 0.74% gain today. BTW this whole gain is contributed via gap up. Today it opened above the hourly resistance 42750 and took support from dot level 42750 and hit 43000 which was our buy target. Overall after gap up opening it traded within 10 o'clock range entire day. Daily candle is a spinning top which is once again a halt candle which is a sign of indecision once again. This has been the case since one week; indecision. This is due to the upcoming Union Budget. Hourly range shifted above 42700. Now support has been created exactly at cost so today's low will be TSL.
Coming to Tuesday's trade setup, if index opens flat and a 15 min candle closes above 42870 then we will long for the target of 43017 and 43300.
For selling we need a 15 Min candle close below 42725. T- 42500-30 and 42297.
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 42870
Sl-42760
T-43017 43300
Sell-Below 42725
Sl-42835
T-42500-30 42297
BANKNIFTY ha closed on a bullish sentiment with 0.74% gain today. BTW this whole gain is contributed via gap up. Today it opened above the hourly resistance 42750 and took support from dot level 42750 and hit 43000 which was our buy target. Overall after gap up opening it traded within 10 o'clock range entire day. Daily candle is a spinning top which is once again a halt candle which is a sign of indecision once again. This has been the case since one week; indecision. This is due to the upcoming Union Budget. Hourly range shifted above 42700. Now support has been created exactly at cost so today's low will be TSL.
Coming to Tuesday's trade setup, if index opens flat and a 15 min candle closes above 42870 then we will long for the target of 43017 and 43300.
For selling we need a 15 Min candle close below 42725. T- 42500-30 and 42297.
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.
10 o'clock range broke downside @42935
CMP-42620
300+ points gain with 90 points sl
updated chart