Omahto

BANKNIFTY Intraday trade Setup For 07 Nov 2023

NSE:BANKNIFTY   NIFTY Bank Index
BANKNIFTY Intraday trade Setup For 07 Nov 2023

Bullish-Above 43650
Invalid-Below 43540
T- 43960 44269

Bearish-Below 43410
Invalid-Above 43520
T- 43130 42850

BANKNIFTY has once again closed on a bullish note with 0.7% gain today, all contributed via gap up. Since last 3 sessions out out of 4 it has been trading in a narrow range after a gap up opening. So tomorrow best trade will be planned on a flat opening only. In case of a gap up, index may end up trading in a range once again. 43650 and 43410 are important levels for tomorrow's session.
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Coming to Tuesday's trade setup, if index opens flat and a 15 min candle closes above 43650 then we will long for the target of 43960 and 44269.

For selling we need a 15 Min candle close below 43410. T- 43130 and 42850.

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.


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This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.

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