Omahto

BANKNIFTY Intraday Trade Setup For 09 Nov 2023

NSE:BANKNIFTY   NIFTY Bank Index
BANKNIFTY Intraday Trade Setup For 09 Nov 2023

Bullish-Above 43800
Invalid-Below 43690
T- 44060 44270

Bearish-Below 43540
Invalid-Above 43650
T- 43260 42990

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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This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.

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