BANKNIFTY Intraday Trade Setup For 04 Sep 2023
Bullish-Above 44570
Invalid-Below 44460
T- 44917 45250
Bearish-Below 44220
Invalid-Above 44330
T- 43895 43600
BANKNIFTY has with 0.46% gain last week. It closed almost on neutral note as it is at midpoint from the breakout levels. 44950/45k and 43600 is the weekly range. Breakout of this will lead to a big or at least decent directional move. Aug month candle closed and its on bear grip. Only below 43600 this grip will be confirmed or else it will be sideways. Weekly range is very important to look for a direction. 44917 and 43895 are important resistance and support zones for Monday.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44570 then we will long for the target of 44917 and 45250.
For selling we need a 15 min candle close below 44220. T- 43895 and 43600.
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 44570
Invalid-Below 44460
T- 44917 45250
Bearish-Below 44220
Invalid-Above 44330
T- 43895 43600
BANKNIFTY has with 0.46% gain last week. It closed almost on neutral note as it is at midpoint from the breakout levels. 44950/45k and 43600 is the weekly range. Breakout of this will lead to a big or at least decent directional move. Aug month candle closed and its on bear grip. Only below 43600 this grip will be confirmed or else it will be sideways. Weekly range is very important to look for a direction. 44917 and 43895 are important resistance and support zones for Monday.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44570 then we will long for the target of 44917 and 45250.
For selling we need a 15 min candle close below 44220. T- 43895 and 43600.
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.
