BANKNIFTY - 15 MIN - FOR 10/03/2022 TRADE SETUP

Hello Traders,

BANKNIFTY for the past 10 Trading sessions faced a RESISTANCE at a downward TRENDLINE.

PRICE rejected 5 times at the TRENDLINE.

Today it gave a breakout and BANKNIFTY closed above the Trendline.

*** 34000 is very important level at HIGHER TIMEFRAME ***

1) If BANKNIFTY break & Retest that 34000 level. We can go LONG .

----> Because yesterday was a BULLISH ENGULFING in a DAY CANDLE on BANKNIFTY, and today also price close above the previous day high.

----> BANKNIFTY also breaked a TRENDLINE.

----> NIFTY is also formed a same structure and it also gave TRENDLINE BREAKOUT.

----> ONLY when NIFTY goes above WEEKLY PIVOT which is 16400.

TARGET --- 34500 & 34900

2) If BANKNIFTY faced any RESISTANCE at 34000 level we can SHORT BANKNIFTY.

TARGET --- 33300 & 33200



( NOTE : TOMORROW IS WEEKLY EXPIRY SO WE CAN EXPECT MORE VOLATILITY )


Do comment your thoughts ...


Thank you <3