BANKNIFTY has closed at day low with 1% cut. Last day we planned to sell below 33100. It opened slightly below our sell level and crashed immediately from 33100 to 32762. Our 1st target was hit. However it was tricky as it gave a very fast momentum. It has consolidated the whole day in nut shell.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes below 32760, we will short for the target of 32570 and 32425. Final target will be 32300.
For buying we need a 15 Min candle close above 33055. Targets will be 33250 nd 33415. Book max here at 33500.
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.