BANKNIFTY Intraday Trade Setup For 01 August 2022
Buy-Above 37550
Sl-37450
T-37750 37900 38085
Sell-Below 37220
Sl-37350
T-37015 36825 36580
BANKNIFTY has made a stretched candle on daily TF and closed at mid point. It has given a strong closing in Monthly TF and engulfed the last 3 months fall. Price structure will change completely above 38800, above which we will test ATH and above. The daily candle is somehow like a hanging man. This is a trend pause cum reversal candle. Below its low it will be treated a reversal. In case we cross and sustain above its high we will head higher strongly.
Coming to tomorrow's trade setup, if index opens flat and 5 Min candle closes above 37550 we will long for the target of 37750, 37900 and 38085.
If a 5 min candle closes below 37220, we will short for the target of 37015. Below 37000 post bounce we will head towards 36825 and 36580.
However it will be weak below 37450 if a 15 Min candle closes below.
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 37550
Sl-37450
T-37750 37900 38085
Sell-Below 37220
Sl-37350
T-37015 36825 36580
BANKNIFTY has made a stretched candle on daily TF and closed at mid point. It has given a strong closing in Monthly TF and engulfed the last 3 months fall. Price structure will change completely above 38800, above which we will test ATH and above. The daily candle is somehow like a hanging man. This is a trend pause cum reversal candle. Below its low it will be treated a reversal. In case we cross and sustain above its high we will head higher strongly.
Coming to tomorrow's trade setup, if index opens flat and 5 Min candle closes above 37550 we will long for the target of 37750, 37900 and 38085.
If a 5 min candle closes below 37220, we will short for the target of 37015. Below 37000 post bounce we will head towards 36825 and 36580.
However it will be weak below 37450 if a 15 Min candle closes below.
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.
