BANKNIFTY Intraday Trade Setup For 08 Feb 2022BANKNIFTY Intraday Trade Setup For 08 Feb 2022
Buy-Above 38100
Sl-38000
T-38250 38450
Sell-Below 37800
Sl-37900
T-37500 37260 37000
BANKNIFTY has fallen 750 points from our sell level. It was too volatile in the 1st 30 Min. Swings were wild. After 10:30 we got breakdown of 38550. Also the 15 Min was also broken at the same time. It was good trending day. The fall came mainly from HDFC and BAJAJ twins. No pullback was seen and index fell non stop.
It has made a doji candle in the hourly chart. So we can expect this fall to cool down here. It is valid till the low is safe. Below 37800 we will again see the same trendy move downside. Below 37800 we will sell for the target of 37500. And if we see a range at 37500 and if that range is once again broken in the lower side. Then we will once again sell below 37500 for the target of 37000.
For buying we need a candle close above 38100. Target will be small as it is against the hourly trend.
Quick profit booking is required in buying side.
Index is sell on rise as of now. Trade all the breakdowns, bear flags and support breakdown. Best opportunity will be in sell side.
Buying can be ignored. And shorting opportunity at higher levels can be done, if we see any trendline breakdown in intraday.
