BANKNIFTY Intraday Trade Setup For 04 Oct 2023 | Daily Analysis
BANKNIFTY Intraday Trade Setup For 04 Oct 2023
Bullish-Above 44440
Invalid-Below 44330
T- 44625 44815
Bearish-Below 44240
Invalid-Above 44350
T- 44000 43755
BANKNIFTY has closed on a bearish note with 0.425% cut today. It opened flat and sell triggered as per trade setup but is was not at all tradable as the 1st 1 Min candle itself was very big and the 15 Min breakout candle was too big which making the RR worst. After the 1st 15 Min candle it just consolidated between 200 points range. 10 o'clock range was also untouched. Tomorrow on a flat opening it can show a good downside move below today's low. Only thing we have to be alert about is morning star at 44180 breakout. For bullish momentum to lift it has to sustain above 44440 and we will consider this in the 2nd breakout attempt.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44440 then we will long for the target of 44625 and 44815.
For selling we need a 15 Min candle close below 44240. T- 44000 and 43755.
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 44440
Invalid-Below 44330
T- 44625 44815
Bearish-Below 44240
Invalid-Above 44350
T- 44000 43755
BANKNIFTY has closed on a bearish note with 0.425% cut today. It opened flat and sell triggered as per trade setup but is was not at all tradable as the 1st 1 Min candle itself was very big and the 15 Min breakout candle was too big which making the RR worst. After the 1st 15 Min candle it just consolidated between 200 points range. 10 o'clock range was also untouched. Tomorrow on a flat opening it can show a good downside move below today's low. Only thing we have to be alert about is morning star at 44180 breakout. For bullish momentum to lift it has to sustain above 44440 and we will consider this in the 2nd breakout attempt.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44440 then we will long for the target of 44625 and 44815.
For selling we need a 15 Min candle close below 44240. T- 44000 and 43755.
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.
