BANKNIFTY Intraday Trade Setup For 10 May 2022
Buy-Above 34600
Sl-34500
T-36800 35000
Sell-Below 33900
Sl-34000
T-33750 33550
BANKNIFTY has formed an inverted hammer in daily TF. We have sold from 35500, index has hit our targets 34000. We planned a reversal trade from 34000, hourly support. It gave a fantastic move till 34550+. Also 10 o'clock rage broke upside above 34260 and gave a good upside move. Now for a perfect swing reversal trade, we need a double bottom in 15 Min TF.
Coming to tomorrow's trade setup, we are gonna sell below 33920. Targets will be 33750 and 33550. 33500-33550 is a PRZ area, a bounce can be expected from this region. This will be executed on flat opening.
For buying we need a 15 candle close 34560 , above that candle we will buy for the target of 34800 and 35000.
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.
Intraday Support-33950
Intraday Resistance- 33550
Hourly Support-33000
Hourly Resistance- 35100-200
Buy-Above 34600
Sl-34500
T-36800 35000
Sell-Below 33900
Sl-34000
T-33750 33550
BANKNIFTY has formed an inverted hammer in daily TF. We have sold from 35500, index has hit our targets 34000. We planned a reversal trade from 34000, hourly support. It gave a fantastic move till 34550+. Also 10 o'clock rage broke upside above 34260 and gave a good upside move. Now for a perfect swing reversal trade, we need a double bottom in 15 Min TF.
Coming to tomorrow's trade setup, we are gonna sell below 33920. Targets will be 33750 and 33550. 33500-33550 is a PRZ area, a bounce can be expected from this region. This will be executed on flat opening.
For buying we need a 15 candle close 34560 , above that candle we will buy for the target of 34800 and 35000.
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.
Intraday Support-33950
Intraday Resistance- 33550
Hourly Support-33000
Hourly Resistance- 35100-200
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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.