BANKNIFTY Intraday Trade Setup For 28 Aug 2023
Bullish-Above 44360
Invalid-Below 44250
T- 44631 44950
Bearish-Below 44130
Invalid-Above 44240
T- 43825 43518
BANKNIFTY has closed with slight cut in the last trading session. Last week after sustaining above 44100 in the hourly TF it gave a very fantastic move till 44900. Now if it sustains above 45000 in daily TF then it will be a swing buy or bullish biased. While Friday's low is important for a downside move. However key level in daily TF is 43600. Sustaining below this will initiate a move towards 42600 and 42000. Between this daily range market will stay in sideways momentum and less directional intraday trades will be the right approach.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44360 then we will buy for the target of 44631 and 44950. Gap area will be important.
For selling we need a 15 Min candle close below 44130. T- 43825 and 43518.
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.
Bullish-Above 44360
Invalid-Below 44250
T- 44631 44950
Bearish-Below 44130
Invalid-Above 44240
T- 43825 43518
BANKNIFTY has closed with slight cut in the last trading session. Last week after sustaining above 44100 in the hourly TF it gave a very fantastic move till 44900. Now if it sustains above 45000 in daily TF then it will be a swing buy or bullish biased. While Friday's low is important for a downside move. However key level in daily TF is 43600. Sustaining below this will initiate a move towards 42600 and 42000. Between this daily range market will stay in sideways momentum and less directional intraday trades will be the right approach.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44360 then we will buy for the target of 44631 and 44950. Gap area will be important.
For selling we need a 15 Min candle close below 44130. T- 43825 and 43518.
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.
