BANKNIFTY Intraday Trade Setup 02 Jan 2023
BANKNIFTY Intraday Trade Setup 02 Jan 2023
Buy-Above 43210
Sl-43100
T- 43500 43881
Sell-Below 42830
Sl-42940
T-42604 42378
BANKNIFTY has closed on a bearish sentiment on Friday with 0.6% cut. Monthly candle has closed and is almost flattish with just 0.57% cut. High and low of the last Monthly candle is very important. Above its high- 44155 we will resume the uptrend. Below its low- 41550 we may start a bearish price structure for short term and if this happens in the very next candle then it can create negative topping out structures in monthly TF. As of now uptrend is valid and above 41455 we can start a fresh rally. Last week candle has almost engulfed the previous red candle which is a bullish sentiment. BANKNIFTY is stronger than NIFTY.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43210 then we will long. T-43500 and 43880.
For selling we need a 15 Min candle close below 42830. T-42600 and 42378.
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 43210
Sl-43100
T- 43500 43881
Sell-Below 42830
Sl-42940
T-42604 42378
BANKNIFTY has closed on a bearish sentiment on Friday with 0.6% cut. Monthly candle has closed and is almost flattish with just 0.57% cut. High and low of the last Monthly candle is very important. Above its high- 44155 we will resume the uptrend. Below its low- 41550 we may start a bearish price structure for short term and if this happens in the very next candle then it can create negative topping out structures in monthly TF. As of now uptrend is valid and above 41455 we can start a fresh rally. Last week candle has almost engulfed the previous red candle which is a bullish sentiment. BANKNIFTY is stronger than NIFTY.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43210 then we will long. T-43500 and 43880.
For selling we need a 15 Min candle close below 42830. T-42600 and 42378.
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.
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