BANKNIFTY Intraday Trade Setup For 11 Nov 2022
Buy-Above 41645
Sl- 41535
T-41950 42230
Sell-Below 41315
Sl- 41425
T-41050 40820
BANKNIFTY has closed in negative with positive sentiment. It has closed with 0.43% cut but at day high. Today it opened below our sell level via gap up. 10 o'clock range broke downside below 41455 and gave a move till 41320. This trade gave more than 130 points profit which was 1:2 as per intraday chart. Then in the 2nd half usual recovery happened which is happening since last 3 days. Important resistance as of now is 41950-42000. Above which a short covering move can be expected.
Coming to Friday's trade setup, if index opens flat and a 15 min candle closes above 41645 then we will long for the target of 41950 and 42230. Then trail as per intraday charts for further up move. Important resistance will be 42440-42500.
For selling we need a 15 Min candle close below 41315. Target will be 41050 and 40820.
Chances of a big gap up is high due to US CPI numbers. 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 41645
Sl- 41535
T-41950 42230
Sell-Below 41315
Sl- 41425
T-41050 40820
BANKNIFTY has closed in negative with positive sentiment. It has closed with 0.43% cut but at day high. Today it opened below our sell level via gap up. 10 o'clock range broke downside below 41455 and gave a move till 41320. This trade gave more than 130 points profit which was 1:2 as per intraday chart. Then in the 2nd half usual recovery happened which is happening since last 3 days. Important resistance as of now is 41950-42000. Above which a short covering move can be expected.
Coming to Friday's trade setup, if index opens flat and a 15 min candle closes above 41645 then we will long for the target of 41950 and 42230. Then trail as per intraday charts for further up move. Important resistance will be 42440-42500.
For selling we need a 15 Min candle close below 41315. Target will be 41050 and 40820.
Chances of a big gap up is high due to US CPI numbers. 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.
