BANKNIFTY Intraday Trade Setup For 16 May 2023
Sell_1- Below 43390
Sl-43495
T- 43185 42970
Sell_2- From 43820
Sl-43925
T- 43607 43400
BANKNIFTY has closed on a bearish note with 1.24% cut today. It opened flat and sell triggered @43950. It was a perfect and dot level as fall started from this level. This gave a non-stop fall till 43400. Trade gave550 points, it was a great RR trade (1:5). Also it was mentioned in the weekend level that 43930 is the activation level of the rising wedge pattern. It was a very strong level which we picked. It was said that it will be considered and activated in hourly TF, candle closed and we enjoyed a free fall.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes below 43390 then we will short. T- 43185 and 42970.
2nd sell level is from 43820 in case of a gap up. T- 43607 and 43400.
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.
Sell_1- Below 43390
Sl-43495
T- 43185 42970
Sell_2- From 43820
Sl-43925
T- 43607 43400
BANKNIFTY has closed on a bearish note with 1.24% cut today. It opened flat and sell triggered @43950. It was a perfect and dot level as fall started from this level. This gave a non-stop fall till 43400. Trade gave550 points, it was a great RR trade (1:5). Also it was mentioned in the weekend level that 43930 is the activation level of the rising wedge pattern. It was a very strong level which we picked. It was said that it will be considered and activated in hourly TF, candle closed and we enjoyed a free fall.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes below 43390 then we will short. T- 43185 and 42970.
2nd sell level is from 43820 in case of a gap up. T- 43607 and 43400.
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.
