BANKNIFTY Intraday Trade Setup For 16 Dec 2022
BANKNIFTY Intraday Trade Setup For 16 Dec 2022
Sell_1- Below 43370
Sl-43480
T-43175 42950
Sell_2- From 43810
Sl-43920
T-43600 43400
BANKNIFTY has closed on a negative sentiment with decent cut of 1.25%. It has closed near day low. This sentiment will continue below today's low. Last day we discussed in detail about the spinning top formed in daily TF yesterday. it was clearly mentioned that this is a sign of rest/reversal of the current uptrend. As it started to trade below spinning top's low the sentiment worked very well. Sell triggered as per trade setup @ 42980 and hit all targets (43400) with very good momentum as VIX changed curved (intraday).
Coming to Friday's trade setup, if index opens flat and a 15 min candle closes below 43370 then we will short for the target of 43175 an 42950.
In case we open gap up and 43810 is tested in the 1st hour then we will short from there for the target of 43600 and 43400.
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.
Sell_1- Below 43370
Sl-43480
T-43175 42950
Sell_2- From 43810
Sl-43920
T-43600 43400
BANKNIFTY has closed on a negative sentiment with decent cut of 1.25%. It has closed near day low. This sentiment will continue below today's low. Last day we discussed in detail about the spinning top formed in daily TF yesterday. it was clearly mentioned that this is a sign of rest/reversal of the current uptrend. As it started to trade below spinning top's low the sentiment worked very well. Sell triggered as per trade setup @ 42980 and hit all targets (43400) with very good momentum as VIX changed curved (intraday).
Coming to Friday's trade setup, if index opens flat and a 15 min candle closes below 43370 then we will short for the target of 43175 an 42950.
In case we open gap up and 43810 is tested in the 1st hour then we will short from there for the target of 43600 and 43400.
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.
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