BANKNIFTY Intraday Trade Setup For 12 Dec 2022
Buy-Above 43855
Sl-43745
T-44100 44345
Sell-Below 43360
Sl-43470
T-43051 42830
BANKNIFTY has closed on a flat note on Friday. For the 10th consecutive week it has closed in green. Till now no weekly low has been tested and sustained. Weakness will come only when it will close below any previous week's low. A hanging man has been formed in daily TF. If the next daily candle closes below its low then only its sentiment will be strengthened. Also no previous swing low has been tested. Once again a triangle pattern has been formed in 15 Min TF. Breakout then supporting price action will lead to breakout momentum.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43855 then we will long for the target of 44100 and 44345.
For selling we need a 15 min candle close below 43360. Target will be 43050. Post bounce from this psychological level if low breaks then we will see 42400.
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 43855
Sl-43745
T-44100 44345
Sell-Below 43360
Sl-43470
T-43051 42830
BANKNIFTY has closed on a flat note on Friday. For the 10th consecutive week it has closed in green. Till now no weekly low has been tested and sustained. Weakness will come only when it will close below any previous week's low. A hanging man has been formed in daily TF. If the next daily candle closes below its low then only its sentiment will be strengthened. Also no previous swing low has been tested. Once again a triangle pattern has been formed in 15 Min TF. Breakout then supporting price action will lead to breakout momentum.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43855 then we will long for the target of 44100 and 44345.
For selling we need a 15 min candle close below 43360. Target will be 43050. Post bounce from this psychological level if low breaks then we will see 42400.
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.
