BANKNIFTY Intraday Trade Setup For 01 Nov 2023
Bullish-Above 43130
Invalid-Below 43020
T- 43410 43760
Bearish-Below 42790
Invalid-Above 42900
T- 42538 42280
BANKNIFTY has closed on a bearish note with 0.45% cut today. It was 0.382/0.5 rejection day of the parabolic fall from 44600. Today's high near 43400 will be an important hourly swing high for a reversal structure. Tomorrow 43130 will be important level to decide the bullish momentum. Below 42790 we can expect some bearish momentum. 43410 will be an important resistance zone and 42200 zone will be support zone.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43130 then we will long for the target of 43410 and 43760.
For selling we need a 15 Min candle close below 42790. T- 42538 and 42280-300.
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 43130
Invalid-Below 43020
T- 43410 43760
Bearish-Below 42790
Invalid-Above 42900
T- 42538 42280
BANKNIFTY has closed on a bearish note with 0.45% cut today. It was 0.382/0.5 rejection day of the parabolic fall from 44600. Today's high near 43400 will be an important hourly swing high for a reversal structure. Tomorrow 43130 will be important level to decide the bullish momentum. Below 42790 we can expect some bearish momentum. 43410 will be an important resistance zone and 42200 zone will be support zone.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43130 then we will long for the target of 43410 and 43760.
For selling we need a 15 Min candle close below 42790. T- 42538 and 42280-300.
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.
