BANKNIFTY Intraday Trade Setup For 07 Aug 2023
Bullish-Above 45120
Invalid-Below 45010
T- 45441 45733
Bearish-Below 44590
Invalid-Above 44700
T- 44279 44000
BANKNIFTY has closed on a bearish note this week with 1.29% cut. In the last weekend it was discussed that index is sell on rise as per the hourly TF as it broke important swing low of 45620. A sign of reversal in the hourly TF as per the Friday bounce can be above 45120. Important level for downside in hourly TF is 44270. Intraday range for next session is a bit big, 45120 and 45590 being important level. Inside this range it is no trading zone.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45120 then we will long for the target of 45441 and 45733.
For selling we need a 15 Min candle close below 44590. T- 44279 and 44000.
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.
Bullish-Above 45120
Invalid-Below 45010
T- 45441 45733
Bearish-Below 44590
Invalid-Above 44700
T- 44279 44000
BANKNIFTY has closed on a bearish note this week with 1.29% cut. In the last weekend it was discussed that index is sell on rise as per the hourly TF as it broke important swing low of 45620. A sign of reversal in the hourly TF as per the Friday bounce can be above 45120. Important level for downside in hourly TF is 44270. Intraday range for next session is a bit big, 45120 and 45590 being important level. Inside this range it is no trading zone.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45120 then we will long for the target of 45441 and 45733.
For selling we need a 15 Min candle close below 44590. T- 44279 and 44000.
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.
