BANKNIFTY Intraday Trade Setup For 4 May 2023
Buy-Above 43355
Sl-43250
T- 43540 43755
Sell-Below 43075
Sl-43180
T- 42880 42727
BANKNIFTY has closed on a flat note today. Today it opened with a decent gap down directly at our 1st sell target which was also a PRZ (0.618) level. As usual sharp bounce came from there. Later it tested the sell level- 43260 and fell more than 150 points whish was more than 1:1. It has closed on a bullish sentiment as after a gap down opening it has closed at day high. Bullish momentum likely to continue above today's high. Index will turn change its hourly structure into bearish below 43070. 43180 is also important to watch so as early sign.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43355 then we will long for the target of 43540 and 43755.
For selling we need a 15 Min candle close below 43070. T- 42880 and 42727.
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 43355
Sl-43250
T- 43540 43755
Sell-Below 43075
Sl-43180
T- 42880 42727
BANKNIFTY has closed on a flat note today. Today it opened with a decent gap down directly at our 1st sell target which was also a PRZ (0.618) level. As usual sharp bounce came from there. Later it tested the sell level- 43260 and fell more than 150 points whish was more than 1:1. It has closed on a bullish sentiment as after a gap down opening it has closed at day high. Bullish momentum likely to continue above today's high. Index will turn change its hourly structure into bearish below 43070. 43180 is also important to watch so as early sign.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43355 then we will long for the target of 43540 and 43755.
For selling we need a 15 Min candle close below 43070. T- 42880 and 42727.
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.
