BANKNIFTY Intraday Trade Setup For 05 Aug 2022
Buy-Above 37840
Sl-37720
T-38000 38120
Sell-Below 37520
Sl-37650
T-37220 37000
BANKNIFTY has closed on negative sentiment with 0.6% cut today. The daily candle range is too big as it was too volatile in intraday today. Last day we planned to buy above 38180 on a 5 Min candle close. Level was tested but none 5 Min candle closed above. Later 10 o'clock range broke downside below 38050 and gave a directional move till 37250. Mid way our sell level(37690) was also triggered. Tomorrow is RBI credit policy so one should avoid trading tomorrow as sentimental moves will be seen rather than technical.
Coming to tomorrow's trade setup, if index opens flat and a 15 Min candle closes above 37840, we will long for the target of 38000 and 38120. Above 38250 fresh upside move can be seen.
For selling we need a 15 Min candle close below 37520. Post breakdown we will short for the target of 37350, 37220 below 37200 we will test 37000.
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 37840
Sl-37720
T-38000 38120
Sell-Below 37520
Sl-37650
T-37220 37000
BANKNIFTY has closed on negative sentiment with 0.6% cut today. The daily candle range is too big as it was too volatile in intraday today. Last day we planned to buy above 38180 on a 5 Min candle close. Level was tested but none 5 Min candle closed above. Later 10 o'clock range broke downside below 38050 and gave a directional move till 37250. Mid way our sell level(37690) was also triggered. Tomorrow is RBI credit policy so one should avoid trading tomorrow as sentimental moves will be seen rather than technical.
Coming to tomorrow's trade setup, if index opens flat and a 15 Min candle closes above 37840, we will long for the target of 38000 and 38120. Above 38250 fresh upside move can be seen.
For selling we need a 15 Min candle close below 37520. Post breakdown we will short for the target of 37350, 37220 below 37200 we will test 37000.
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.
