BANKNIFTY Intraday Trade Setup For 27 Oct 2022BANKNIFTY Intraday Trade Setup For 27 Oct 2022
Buy-Above 41400
Sl-41290
T-41630 41840 42230
Sell-Below 41020
Sl-41130
T-40800 40610 40330
BANKNIFTY has closed on a negative note with 0.44% cut on Tuesday. Last day it opened with a decent gap up and traded inside range where 10 o'clock range was intact the whole day. Short trade as per trade setup gave just 90 points. I had already updated to trail sl to cost with RR ratio. Currently index is at a striking distance from ATH. Sustaining above 41400 and above last day's high can trigger a short covering. We have to be alert in this zone as it at a crucial place.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 41400 then we will long for the target of 41630 and 41840. If it sustains above 41850 then we can see a short covering move to hit further mentioned targets.
For selling we need a 15 Min candle close below 41020. Target will be 40800, 40610. Below 40600 we will dive near 40300.
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.
