BANKNIFTY Intraday Trade Setup For 8 Feb 2023
Buy-Above 41631
Sl-41520
T-42000 42379
Sell-Below 41095
Sl-41205
T- 40729 40419
BANKLNIFTY has closed on a slight positive note with 0.28% gain today. It is contra of NIFTY due to RBI Monetary Policy which is scheduled tomorrow at 10 AM. Safe traders should trade after 10:30. Till now it is inside the Budget day's range. A hammer has been formed on daily charts. So above its high bullishness may continue. Below its low aggressive selling can be seen. Today it opened and tested buy level but did not trigger. Later sell triggered and gave 150 points gain. Before it was triggered 10 o'clock range was already broken and that gave more than 270 points.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 41631 then we will long for the target of 42000 and 42379.
For selling we need a 15 Min candle close below 41095. T- 40729 and 40419.
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 41631
Sl-41520
T-42000 42379
Sell-Below 41095
Sl-41205
T- 40729 40419
BANKLNIFTY has closed on a slight positive note with 0.28% gain today. It is contra of NIFTY due to RBI Monetary Policy which is scheduled tomorrow at 10 AM. Safe traders should trade after 10:30. Till now it is inside the Budget day's range. A hammer has been formed on daily charts. So above its high bullishness may continue. Below its low aggressive selling can be seen. Today it opened and tested buy level but did not trigger. Later sell triggered and gave 150 points gain. Before it was triggered 10 o'clock range was already broken and that gave more than 270 points.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 41631 then we will long for the target of 42000 and 42379.
For selling we need a 15 Min candle close below 41095. T- 40729 and 40419.
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.
