BANKNIFTY Intraday Trade Setup For 02 Feb 2022
Buy-Above 38620
Sl-38500
T-38900 39180 39530
Sell-Below 38200
Sl-38300
T-38000 37700 38600
BANKNIFTY showed 2 way move in budget session. Morning move was fantastic and gave 500+ points profit. Then a reversal candle shooting - star was formed and market took complete U-Turn below that candle. Second trading session was volatile. We booked our long position before 10:30 after the reversal candle was formed and low was tested.
For second trading session we planned for range shift trade. The range was formed of 580 points.
And as soon as the budget speech ended. Market broke the lower range and fell sharply till 37700.
But bulls once again took charge and pushed market above 38500.Market seems bullish as of now. No aggressive selling. Also the hourly range can be breached. Hourly upper range is 38900 , this range is tested 3 times. Chances of a good trending move above this range.
Safe traders can enter above 38900. But we are planning to enter above 38620 only after the trendline will be broken.
For selling below 38200 will play an important role. Short below 38200 for the target of 38000.
No aggressive selling. Market has positioned itself at a verge of breakout. Best trade is in buy side.
Buy-Above 38620
Sl-38500
T-38900 39180 39530
Sell-Below 38200
Sl-38300
T-38000 37700 38600
BANKNIFTY showed 2 way move in budget session. Morning move was fantastic and gave 500+ points profit. Then a reversal candle shooting - star was formed and market took complete U-Turn below that candle. Second trading session was volatile. We booked our long position before 10:30 after the reversal candle was formed and low was tested.
For second trading session we planned for range shift trade. The range was formed of 580 points.
And as soon as the budget speech ended. Market broke the lower range and fell sharply till 37700.
But bulls once again took charge and pushed market above 38500.Market seems bullish as of now. No aggressive selling. Also the hourly range can be breached. Hourly upper range is 38900 , this range is tested 3 times. Chances of a good trending move above this range.
Safe traders can enter above 38900. But we are planning to enter above 38620 only after the trendline will be broken.
For selling below 38200 will play an important role. Short below 38200 for the target of 38000.
No aggressive selling. Market has positioned itself at a verge of breakout. Best trade is in buy side.
