BANKNIFTY Intraday Trade Setup For 16 Aug 2022
Buy-Above 39090
Sl- 38970
T-39222 39355 39517
Sell-Below 38955
Sl-39070
T-38821 38740 38650
BANKNIFTY has closed a positive sentiment with more than 0.4% gain. It has closed above the psychological level 39000. Index is bullish till it closes above previous day low. Closing below PDL will be a sign of weakness in the current supper bullish move. Next major resistance lies near 39517(100 +/-). There is no weakness in any TF as of now. But we will give a pullback of this mega up move or consolidate at higher level. This will be confirmed with price action and will be noticed.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 39090, we will long for the target of 39222, 39355 and 39517.
For selling we need a 15 Min candle close below 38955. Post breakdown we will hit 38820, 38740 and 38450.
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 39090
Sl- 38970
T-39222 39355 39517
Sell-Below 38955
Sl-39070
T-38821 38740 38650
BANKNIFTY has closed a positive sentiment with more than 0.4% gain. It has closed above the psychological level 39000. Index is bullish till it closes above previous day low. Closing below PDL will be a sign of weakness in the current supper bullish move. Next major resistance lies near 39517(100 +/-). There is no weakness in any TF as of now. But we will give a pullback of this mega up move or consolidate at higher level. This will be confirmed with price action and will be noticed.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 39090, we will long for the target of 39222, 39355 and 39517.
For selling we need a 15 Min candle close below 38955. Post breakdown we will hit 38820, 38740 and 38450.
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.
