BANKNIFTY Intraday Trade Setup For 1 Feb 2023

Omahto Pro Updated   
BANKNIFTY Intraday Trade Setup For 1 Feb 2023

Buy-Above 40815
T-41250 41685

Sell-Below 40470
T- 39945 39500

BANKNIFTY has closed on a bullish sentiment with 0.66% gain today. It has closed near day high and formed a pinbar in daily TF. Above its high bullish momentum likely to continue and below its low parabolic down move can be seen. Tomorrow is Union Budget and index will move by sentiment rather than technical. However a trend can be established after 12 o'clock. Hourly major swing high and low are 39400 and 40820. Breakout can initiate a move either side.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 40815 then we will long for the target of 41250 and 41685. Ext T- 42350.

For selling we need a 15 Min candle close below 40470. T- 39945 and 39500. Ext T below 39400 will be 38755.

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.
Trade active:
2nd target hit as per trade setup and harmonic (cypher plotted pulling)

10 o'clock range broke upside
1st extended target hit

Trade active:
updated chart
dot to dot

Trade active:
dot to dot after 1st extended target hit which was updated
Trade active:
updated chart


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