BANKNIFTY Intraday Trade Setup For 08 Nov 2023

BANKNIFTY Intraday Trade Setup For 08 Nov 2023

Bullish-Above 43800
Invalid-Below 43690
T- 44060 44270

Bearish-Below 43570
Invalid-Above 43680
T- 43260 42990

BANKNIFTY has closed on a slight bullish note with 0.27% gain today. It opened flat and sell triggered below 43410 and gave a small move in favor and then eventually sl hit. Tomorrow once again it will be bullish above today's high- 43800 on a flat opening. For selling it has to sustain below 43570. I would prefer to initiate trade in the 2nd attempt in both cases. Today intraday momentum has picked up once again so length and momentum of the moves can be good tomorrow.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43800 then we will long for the target of 44060 and 44269.

For selling we need a 15 Min candle close below 43570. T- 43260 and 42990.

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.

I am Not SEBI Registered

This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.


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