BANKNIFTY Intraday Trade Setup For 07 Feb 2022
Buy-Above 38910
Sl-38810
T-39200 39400
Sell-Below 38550
Sl-38650
T-38350 38200
BANKNIFTY gave very good profit in sell side on Friday. We planned only sell for Friday's trading session. As soon as index triggered our sell level 38850 it fell till 38570. It filled the gap created after budget day. Gap is filled and took support from the gap area. Chances of a upside move is there. But we trade above a certain price. So. wait for the trendline breakout in the 15 Min chart and then our buy level to trigger.
Index has made a base near 38600. It can give a bounce from here. So, we will buy above 38900 for the target of 39200 and 39400. Buying has good space in upside. However 39000 may resist a bit. But above 39000, we will get a good move till our targets.
Incase index breaks the base created in the 2nd trading session, we will plan for sell. Our sell level will be below 38550. However below 38700, we will be alert to build our short position.
Index can move either side. No biased trade. We have our levels to go with. We have good room on both the sides. If you notice swings in the downside is clear.
Buy-Above 38910
Sl-38810
T-39200 39400
Sell-Below 38550
Sl-38650
T-38350 38200
BANKNIFTY gave very good profit in sell side on Friday. We planned only sell for Friday's trading session. As soon as index triggered our sell level 38850 it fell till 38570. It filled the gap created after budget day. Gap is filled and took support from the gap area. Chances of a upside move is there. But we trade above a certain price. So. wait for the trendline breakout in the 15 Min chart and then our buy level to trigger.
Index has made a base near 38600. It can give a bounce from here. So, we will buy above 38900 for the target of 39200 and 39400. Buying has good space in upside. However 39000 may resist a bit. But above 39000, we will get a good move till our targets.
Incase index breaks the base created in the 2nd trading session, we will plan for sell. Our sell level will be below 38550. However below 38700, we will be alert to build our short position.
Index can move either side. No biased trade. We have our levels to go with. We have good room on both the sides. If you notice swings in the downside is clear.
