BANKNIFTY Intraday Trade Setup For 26 Jun 2023
Buy-Above 43825
Sl- 43720
T- 44040 44280
Sell-Below 43515
Sl-43620
T- 43300 43077
BANKNIFTY has closed on a bearish note last week with 0.72% cut. After the breakdown of rising wedge pattern below 43930 in hourly it is in decline mode. To change its phase index has to sustain above 44100 in hourly and daily TF. Daily range is 44500 and 43340 (43400). Breakout of this broad range will give us the next directional move for short- term. VIX will rise on this range shift. Till then zig-zag moves will be common in intraday. 43825 and 43515 are important levels for Monday's intraday.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43825 then we will long for the target of 44040. Above 44050 it will hit 44300 zone.
For selling we need a 15 Min candle close below 43515. T- 43300 and 43077.
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.
Buy-Above 43825
Sl- 43720
T- 44040 44280
Sell-Below 43515
Sl-43620
T- 43300 43077
BANKNIFTY has closed on a bearish note last week with 0.72% cut. After the breakdown of rising wedge pattern below 43930 in hourly it is in decline mode. To change its phase index has to sustain above 44100 in hourly and daily TF. Daily range is 44500 and 43340 (43400). Breakout of this broad range will give us the next directional move for short- term. VIX will rise on this range shift. Till then zig-zag moves will be common in intraday. 43825 and 43515 are important levels for Monday's intraday.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43825 then we will long for the target of 44040. Above 44050 it will hit 44300 zone.
For selling we need a 15 Min candle close below 43515. T- 43300 and 43077.
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.
