BANKNIFTY Intraday Trade Setup For 27 Jan 2023
Sell_1- Below 41540
Sl-41650
T-41230 40997
Sell_2- From 42310
Sl-42420
T- 42000 41700
BANKNIFTY has closed a complete bearish sentiment with 2.54% cut. It was complete in selling mode since opening. Market opened flat and a sell triggered below 42615. After it was triggered it gave a nose dive till 41540. It was a a complete parabolic move. Now index has tested the weekly swing low. Below 41540 or 41500 (rounded) it will test 38757. No bullish view till there is any sign of reversal. As of now it is sell on rise. Also budget can shake any side. So be lite on overnight positions although direction is clear.
Coming to Friday's trade setup, if index opens flat or gap up and 42310 is tested in then we will plan for a short trade for the target of 42000 and 41700.
2nd scenario- if index opens flat and a 15 Min candle closes below 41540 then we will short for the target of 41230 and 40997. Extended T- 40765.
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 41540
Sl-41650
T-41230 40997
Sell_2- From 42310
Sl-42420
T- 42000 41700
BANKNIFTY has closed a complete bearish sentiment with 2.54% cut. It was complete in selling mode since opening. Market opened flat and a sell triggered below 42615. After it was triggered it gave a nose dive till 41540. It was a a complete parabolic move. Now index has tested the weekly swing low. Below 41540 or 41500 (rounded) it will test 38757. No bullish view till there is any sign of reversal. As of now it is sell on rise. Also budget can shake any side. So be lite on overnight positions although direction is clear.
Coming to Friday's trade setup, if index opens flat or gap up and 42310 is tested in then we will plan for a short trade for the target of 42000 and 41700.
2nd scenario- if index opens flat and a 15 Min candle closes below 41540 then we will short for the target of 41230 and 40997. Extended T- 40765.
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.
