BANKNIFTY Intraday Trade Setup For 12 Oct 2022
BANKNIFTY Intraday Trade Setup For 12 Oct 2022
Buy-Above 39050
Sl-38940
T- 39175 39300+
Sell-Below 38620
Sl-38735
T-38500 38370 38226
BANKNIFTY has closed on a negative note with almost 1% cut. Last day it closed near day high and today near day low. Today's sentiment will continue below today's low. Also an inside candle has been formed in daily TF. Above the high (39320) and low (38500) of mother candle a directional move can be expected. Today short was triggered as per trade setup. In the 1st attempt sl was triggered but there were early signs of bounce as well. In the second attempt when sell triggered it gave the expected directional move (38840-38625).
Coming to tomorrow's trade setup, if index opens flat and 5/15 Min candle closes below 38620 then we will short for the target of 38500, 38370 and 38226. A pullback/bounce before breakdown will be considered.
For buying we need a 15 Min candle close above 39050. Target will be 39175, 39300 and above 39320 we will head towards 39500.
38900 can act as resistance.
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 39050
Sl-38940
T- 39175 39300+
Sell-Below 38620
Sl-38735
T-38500 38370 38226
BANKNIFTY has closed on a negative note with almost 1% cut. Last day it closed near day high and today near day low. Today's sentiment will continue below today's low. Also an inside candle has been formed in daily TF. Above the high (39320) and low (38500) of mother candle a directional move can be expected. Today short was triggered as per trade setup. In the 1st attempt sl was triggered but there were early signs of bounce as well. In the second attempt when sell triggered it gave the expected directional move (38840-38625).
Coming to tomorrow's trade setup, if index opens flat and 5/15 Min candle closes below 38620 then we will short for the target of 38500, 38370 and 38226. A pullback/bounce before breakdown will be considered.
For buying we need a 15 Min candle close above 39050. Target will be 39175, 39300 and above 39320 we will head towards 39500.
38900 can act as resistance.
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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