BANKNIFTY Intraday Trade Setup For 04 Aug 2022
Buy-Above 38180
Sl-38070
T-38350 35550
Sell-Below 37690
Sl-37800
T-37550 37430
BANKNIFTY has closed flat today. It is an inside candle in daily TF which is evident that we are consolidating in a range. Last day we planned to sell below 37800. This trade gave more than 100 points profit. Today's closing is near day high which is a positive sentiment. Above and below mother candle's high(38180) and low(37630) we can expect a directional move. Index is bullish till it closes above previous day low.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 38180, we will long for the target of 38330 and 38555.
For selling we need a 5/15 Min candle close below 37690. Post breakdown target will be 37550, 37430 and below.
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.
Buy-Above 38180
Sl-38070
T-38350 35550
Sell-Below 37690
Sl-37800
T-37550 37430
BANKNIFTY has closed flat today. It is an inside candle in daily TF which is evident that we are consolidating in a range. Last day we planned to sell below 37800. This trade gave more than 100 points profit. Today's closing is near day high which is a positive sentiment. Above and below mother candle's high(38180) and low(37630) we can expect a directional move. Index is bullish till it closes above previous day low.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 38180, we will long for the target of 38330 and 38555.
For selling we need a 5/15 Min candle close below 37690. Post breakdown target will be 37550, 37430 and below.
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.
