BANKNIFTY Intraday Trade Setup For 8 Jun 2022
BANKNIFTY Intraday Trade Setup For 8 Jun 2022
Buy-Above 35050
Sl- 34950
T-35185 35300
Sell-Below 34830
Sl-34930
T-34700 34500
BANKNIFTY has formed a small hammer like candle in daily TF. Last day we planned to sell below 35240 which was not triggered due to the gap down opening. However it triggered our 2nd sell position (PDL)- 35070 and hit our target of 34850 in the downside.
Coming to tomorrow's trade setup, if a 15 min candle closes above 35050, long above the breakout candle's high for the target of 35185-200. Book max here. Extended target will 35300 and 35400.
If a 15 Min candle closes below 34830, short for the target of 34700 and 34500. Book max near 34500, PRZ placed.
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.
Intraday Support- 34500
Intraday resistance- 35200
Hourly Support- 34500
Hourly Resistance- 36000
Tomorrow is RBI monetary policy.
Buy-Above 35050
Sl- 34950
T-35185 35300
Sell-Below 34830
Sl-34930
T-34700 34500
BANKNIFTY has formed a small hammer like candle in daily TF. Last day we planned to sell below 35240 which was not triggered due to the gap down opening. However it triggered our 2nd sell position (PDL)- 35070 and hit our target of 34850 in the downside.
Coming to tomorrow's trade setup, if a 15 min candle closes above 35050, long above the breakout candle's high for the target of 35185-200. Book max here. Extended target will 35300 and 35400.
If a 15 Min candle closes below 34830, short for the target of 34700 and 34500. Book max near 34500, PRZ placed.
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.
Intraday Support- 34500
Intraday resistance- 35200
Hourly Support- 34500
Hourly Resistance- 36000
Tomorrow is RBI monetary policy.
Trade active:
If opens with a decent gap up then avoid long position from buy level.
