BANKNIFTY has closed on a slight bearish note with 0.18% cut unlike NIFTY. Yesterday's buy and sell level were 43800 and 43570. Index traded within this range for the whole day, sell level was tested but not triggered. If it sustains above 43800 tomorrow then there can be sharp up move as it will trigger double force move. However we will be alert above 43710 for a bullish trigger. Below 43540 it will initiate a good down move. 44060 and 43260 are intraday first resistance and support zones respectively.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 43800 then we will long for the target of 44060 and 44270.
For selling we need a 15 Min candle close below 43540. T- 43260 and 42990.
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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