BANKNIFTY Intraday Trade Setup For 6 Oct 2022
Buy-Above 39180
Sl-39065
T-39413 39731 40040
Sell-Below 38875
Sl-38985
T-38570 38277 38000
BANKNIFTY has closed on a positive note with 2.84% gain. After our short trade's (40280-37850) tsl was hit in index @ 37850 since then index has started recovery. Hourly swing high 38811 was broken on 4 Oct, this has initiated the pullback of the down move we saw previously. This pullback can extend till 40040-40370. Till previous day low (PDL) is safe in closing basis then this pullback move will be intact. Next downside move will come below 37380 or till any fresh shorting price action is spotted.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 39180 then we will long for the target of 39413, 39731 and extended target will be 40040.
For selling we need a 5/15 Min candle close below 38877. Target will be 38570, 38277 and extended target will be 38000.
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 39180
Sl-39065
T-39413 39731 40040
Sell-Below 38875
Sl-38985
T-38570 38277 38000
BANKNIFTY has closed on a positive note with 2.84% gain. After our short trade's (40280-37850) tsl was hit in index @ 37850 since then index has started recovery. Hourly swing high 38811 was broken on 4 Oct, this has initiated the pullback of the down move we saw previously. This pullback can extend till 40040-40370. Till previous day low (PDL) is safe in closing basis then this pullback move will be intact. Next downside move will come below 37380 or till any fresh shorting price action is spotted.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 39180 then we will long for the target of 39413, 39731 and extended target will be 40040.
For selling we need a 5/15 Min candle close below 38877. Target will be 38570, 38277 and extended target will be 38000.
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.
