BANKNIFTY Intraday Trade Setup For 12 May 2023BANKNIFTY Intraday Trade Setup For 12 May 2023
Buy-Above 43675
Sl-43570
T- 43950 44220
Sell-Below 43365
Sl-43470
T- 43080 42780
BANKNIFTY has closed on a bullish with a slight gain of 0.33% today. It opened with a decent gap gap and gave a huge flick in the 1st 1 Min candle. Buy triggered as per trade setup above 43385 and hit our 1st target very smoothly. Trade gave more than 250 points gain. Then it turned sideways for the rest of the day. In the beginning of this week it was said that we are likely to witness a sideways momentum overall this week. This is common after an impulsive move, so has happened. Next week we can see a trendy move on range breakout formed this week. Above today's high we may record a fresh ATH.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 43675 then we will long for the target of 43950 and 44220.
For selling we need a 15 Min candle close below 43365. T- 43080 and 42780.
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.
