BANKNIFTY Intraday Trade Setup For 22 Mar 2022
Buy-Above 36160
Sl-36060
T-36300 36500
Sell-Below 35900
Sl-36000
T-35800 35600
BANKNIFTY has closed 400 points in red. It is a complete bearish engulfing candle. We planned that index is likely to give a reversal from this level. As 0.618 level was tested and a reversal candle- shooting star was formed last day. It is a follow up to that. We planned to sell below 36350, index gave a smooth profit till 35900. It was a good trending day.
Coming to tomorrow's trade setup, we will go with the current flow in sell side. Below Monday's low - 35900, we will short for the target of 35800 and 35600. If a 15 Min candle closes below 35950 then we will be ready to short below our level.
For buying we will use the last swing high to build our long position. If a 15 Min candle close above 36160 then we will long for the target of 36300. Above 36350 we can get a further move till 36500. Safe traders can wait till 36200.
The above analysis is based on a flat opening. In case of any big gap up/down , wait till 10 o'clock and trade that range breakout/down.
Buy-Above 36160
Sl-36060
T-36300 36500
Sell-Below 35900
Sl-36000
T-35800 35600
BANKNIFTY has closed 400 points in red. It is a complete bearish engulfing candle. We planned that index is likely to give a reversal from this level. As 0.618 level was tested and a reversal candle- shooting star was formed last day. It is a follow up to that. We planned to sell below 36350, index gave a smooth profit till 35900. It was a good trending day.
Coming to tomorrow's trade setup, we will go with the current flow in sell side. Below Monday's low - 35900, we will short for the target of 35800 and 35600. If a 15 Min candle closes below 35950 then we will be ready to short below our level.
For buying we will use the last swing high to build our long position. If a 15 Min candle close above 36160 then we will long for the target of 36300. Above 36350 we can get a further move till 36500. Safe traders can wait till 36200.
The above analysis is based on a flat opening. In case of any big gap up/down , wait till 10 o'clock and trade that range breakout/down.
