BANKNIFTY Intraday Trade Setup For 17 Oct 2022

BANKNIFTY Intraday Trade Setup For 17 Oct 2022

Buy-Above 39610
Sl-39490
T- 39800 40050 40300

Sell-Below 39195
Sl-39310
T-39000 38830 38650


BANKNIFTY has closed on a negative note with positive gains on Friday. The gain (1.76%) was contributed only by the gap up. Important levels are 39610 and 38430 above and below which the next directional move will come. Till then avoid carrying any overnight positions. Above 39610 we will head towards 40500 and above. Below 38430 we will head towards 37400 and below.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 39610 then we will long for the target of 39800, 40050 and 40300.

If a 15 Min closes below 39195 then we will short for the target of 39000, 38830-50 and 38650.

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.