BANKNIFTY Intraday Trade Setup For 05 Oct 2023 | Daily Analysis
BANKNIFTY Intraday Trade Setup For 05 Oct 2023
Bullish-Above 44050
Invalid-Below 43940
T- 44250 44450
Bearish-Below 43850
Invalid-Above 43960
T- 43653 43440
BANKNIFTY has closed on a bearish note with 0.98% cut. It opened with a big gap down and 10 o'clock range was to be used as per trade setup. However it was updated to avoid trading this today. As it turned total sideways just like yesterday. Above 44050 we can see a pullback move as 43900 looks as an important confluence zone as per volume profile in daily TF (16 Mar-15 Sep). gap filling will confirmed above 44170 .Below day low bearish move will once again kick in.
Coming to Thursday's trade setup, if index opens flat and a 15 min candle closes above 44050 then we will long for the target of 44250 and 44450.
For selling we need a 15 min candle close below 43850. T- 43440 and 43253.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
Bullish-Above 44050
Invalid-Below 43940
T- 44250 44450
Bearish-Below 43850
Invalid-Above 43960
T- 43653 43440
BANKNIFTY has closed on a bearish note with 0.98% cut. It opened with a big gap down and 10 o'clock range was to be used as per trade setup. However it was updated to avoid trading this today. As it turned total sideways just like yesterday. Above 44050 we can see a pullback move as 43900 looks as an important confluence zone as per volume profile in daily TF (16 Mar-15 Sep). gap filling will confirmed above 44170 .Below day low bearish move will once again kick in.
Coming to Thursday's trade setup, if index opens flat and a 15 min candle closes above 44050 then we will long for the target of 44250 and 44450.
For selling we need a 15 min candle close below 43850. T- 43440 and 43253.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
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