BANKNIFTY Intraday Trade Setup For 03 Nov 2023
Bullish-Above 43280
Invalid-Below 43170
T- 43565 43830
Bearish-Below 42790
Invalid-Above 42900
T- 42530 42267
BANKNIFTY has closed on a bullish note with 0.74% gain today. However this gain is totally contributed by gap up opening. 10 o'clock range was to be used as per trade setup. 10 o'clock range broke downside below 42986 and made a low of 42797 however the breakout candle was too big. We have already discussed that probability of a halt candle this week is high. 43105 is a confluence zone and 43280 and 42790 are breakout levels for a direction move.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 43280 then we will long for the target of 43565 and 43831.
For selling we need a 15 Min candle close below 42790. T- 42530 and 42267.
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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I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
Bullish-Above 43280
Invalid-Below 43170
T- 43565 43830
Bearish-Below 42790
Invalid-Above 42900
T- 42530 42267
BANKNIFTY has closed on a bullish note with 0.74% gain today. However this gain is totally contributed by gap up opening. 10 o'clock range was to be used as per trade setup. 10 o'clock range broke downside below 42986 and made a low of 42797 however the breakout candle was too big. We have already discussed that probability of a halt candle this week is high. 43105 is a confluence zone and 43280 and 42790 are breakout levels for a direction move.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 43280 then we will long for the target of 43565 and 43831.
For selling we need a 15 Min candle close below 42790. T- 42530 and 42267.
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.
==========
I am Not SEBI Registered
This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
