BANKNIFTY Intraday Trade Setup For 18 Oct 2023
Bullish-Above 44590
Invalid-Below 44480
T- 44885 45120
Bearish-Below 44330
Invalid-Above 44440
T- 44040 43795
BANKNIFTY has closed with 0.42% gain today, all contributed by gap up. It was another day of sideways momentum. It opened with a big gap up and momentum was lost within 150 points range for the 1st 4 hours. Later 10 o'clock range broke downside below 44430 and gave 90 points move in favor. Tomorrow if it sustains above 44600 then we can see a good up move. Below 44330 it can give a move towards 44040 but 44200 can be a confluence gap zone.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44590 then we will long for the target of 44885-915 and 45120.
For selling we need a 15 Min candle close below 44330. T- 44040 and 43795.
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.
Bullish-Above 44590
Invalid-Below 44480
T- 44885 45120
Bearish-Below 44330
Invalid-Above 44440
T- 44040 43795
BANKNIFTY has closed with 0.42% gain today, all contributed by gap up. It was another day of sideways momentum. It opened with a big gap up and momentum was lost within 150 points range for the 1st 4 hours. Later 10 o'clock range broke downside below 44430 and gave 90 points move in favor. Tomorrow if it sustains above 44600 then we can see a good up move. Below 44330 it can give a move towards 44040 but 44200 can be a confluence gap zone.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44590 then we will long for the target of 44885-915 and 45120.
For selling we need a 15 Min candle close below 44330. T- 44040 and 43795.
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.
Trade active
exit the short trade at costTrade active
Updated to close the short trade due to random movesHowever it hit our 1st target
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.