BANKNIFTY Intraday Trade Setup For 9 Nov 2022
BANKNIFTY Intraday Trade Setup For 9 Nov 2022
Buy-Above 41780
Sl-41670
T- 42065 42230 42421
Sell-Below 41530
Sl-41640
T-41340 41050 40820
BANKNIFTY has closed on a positive sentiment with 1% gain on Monday. Last day it opened with a big gap up, directly at our 1st buy target. 10 o'clock range broke downside below 41560 and gave a move till 41340. The daily candle is a hanging man which is a sign of weakness in uptrend. But this is will be confirmed only below its low. The weekly doji candle's high has been broken; sign of continuation.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 41780 then we will long for the target of 42065. This can act as a resistance. Next target if sustained will be 42230 and 42421.
For selling we need a 15 Min candle close below 41530. Target will be 41340. Post bounce we will head towards 41050 and 40800-20.
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 41780
Sl-41670
T- 42065 42230 42421
Sell-Below 41530
Sl-41640
T-41340 41050 40820
BANKNIFTY has closed on a positive sentiment with 1% gain on Monday. Last day it opened with a big gap up, directly at our 1st buy target. 10 o'clock range broke downside below 41560 and gave a move till 41340. The daily candle is a hanging man which is a sign of weakness in uptrend. But this is will be confirmed only below its low. The weekly doji candle's high has been broken; sign of continuation.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 41780 then we will long for the target of 42065. This can act as a resistance. Next target if sustained will be 42230 and 42421.
For selling we need a 15 Min candle close below 41530. Target will be 41340. Post bounce we will head towards 41050 and 40800-20.
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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