BANKNIFTY Intraday Trade Setup For 5 Sep 2023
Bullish-Above 44660
Invalid-Below 44550
T- 44950 45215
Bearish-Below 44400
Invalid-Above 44510
T- 44100 43800
BANKNIFTY has closed on a bullish note with 0.32% gain. Today it opened with a big gap up so 10 o'clock range was to be used. 10 o'clock range broke downside below 44399 and and last swing high was 44460. It gave 80 points which was more than 1:1. Later buy triggered as per trade setup above 44570 which ended at cost. On a flat opening above 44670 bullish momentum likely to continue. 44935-50 will be an intraday resistance above which it will test 45215.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44660 then we will long for the target of 44935-50 and 45215.
For selling we need a 15 Min candle close below 44400. T- 44100 and 43800.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
Bullish-Above 44660
Invalid-Below 44550
T- 44950 45215
Bearish-Below 44400
Invalid-Above 44510
T- 44100 43800
BANKNIFTY has closed on a bullish note with 0.32% gain. Today it opened with a big gap up so 10 o'clock range was to be used. 10 o'clock range broke downside below 44399 and and last swing high was 44460. It gave 80 points which was more than 1:1. Later buy triggered as per trade setup above 44570 which ended at cost. On a flat opening above 44670 bullish momentum likely to continue. 44935-50 will be an intraday resistance above which it will test 45215.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44660 then we will long for the target of 44935-50 and 45215.
For selling we need a 15 Min candle close below 44400. T- 44100 and 43800.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
