BANKNIFTY Intraday Trade Setup For 16 Oct 2023
BANKNIFTY Intraday Trade Setup For 16 Oct 2023
Bullish-Above 44600
Invalid-Below 44490
T- 44860 45120
Bearish-Below 44200
Invalid-Above 44310
T- 43957 43725
BANKNIFTY has closed almost on a flat note last week with 0.16% cut and 0.7% cut on Friday. It has formed an inverted hammer in daily charts so if its low-44200 is safe and we sustain 44600 then we are likely to see a good up move in hourly TF. If we get a sustained breakout of 44750 then bullish momentum likely to kick in (Hourly TF). Below 44180 we will maintain bearish view (CE short) (Hourly TF). Selling the 10 o'clock range looks more safe till we get a 10 o'clock range breakout.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44600 then we will long for the target of 44860 and 45120.
For selling we need a 15 Min candle close below 44200. T- 43957 and 43725.
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 44600
Invalid-Below 44490
T- 44860 45120
Bearish-Below 44200
Invalid-Above 44310
T- 43957 43725
BANKNIFTY has closed almost on a flat note last week with 0.16% cut and 0.7% cut on Friday. It has formed an inverted hammer in daily charts so if its low-44200 is safe and we sustain 44600 then we are likely to see a good up move in hourly TF. If we get a sustained breakout of 44750 then bullish momentum likely to kick in (Hourly TF). Below 44180 we will maintain bearish view (CE short) (Hourly TF). Selling the 10 o'clock range looks more safe till we get a 10 o'clock range breakout.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44600 then we will long for the target of 44860 and 45120.
For selling we need a 15 Min candle close below 44200. T- 43957 and 43725.
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.
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