BANKNIFTY Intraday Trade Setup For 8 May 2023
Sell_1- Below 42580
Sl-42685
T- 42240 41958
Sell_2- From 43335
Sl-43440
T- 43085 42840
BANKNIFTY has closed on bearish sentiment last day and week with 2.34% and 1.32% cut respectively. After 5 weeks of mega rally it closed on a bearish sentiment and is likely to give small pullback below currents week's low . This pullback can take BANKNIFTY to 41600-41700. Next bullish momentum will be based on fresh bullish reversal structure in hourly and daily TF. Best trade will be on flat opening tomorrow.
Coming to Monday's trade setup, if index opens flat and a 15 Min closes below 42580 then we will short for the target of 42240 and 41958.
In case it opens with a very big gap up then we will plan a short from 43335. T- 43085 and 42840. 43085 is yet another resistance.
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.
Sell_1- Below 42580
Sl-42685
T- 42240 41958
Sell_2- From 43335
Sl-43440
T- 43085 42840
BANKNIFTY has closed on bearish sentiment last day and week with 2.34% and 1.32% cut respectively. After 5 weeks of mega rally it closed on a bearish sentiment and is likely to give small pullback below currents week's low . This pullback can take BANKNIFTY to 41600-41700. Next bullish momentum will be based on fresh bullish reversal structure in hourly and daily TF. Best trade will be on flat opening tomorrow.
Coming to Monday's trade setup, if index opens flat and a 15 Min closes below 42580 then we will short for the target of 42240 and 41958.
In case it opens with a very big gap up then we will plan a short from 43335. T- 43085 and 42840. 43085 is yet another resistance.
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.
