BANKNIFTY Intraday Trade Setup For 16 Aug 2023
Bullish-Above 44215
Invalid-Below 44105
T- 44475 44737
Bearish-Below 43990
Invalid-Above 44100
T- 43770 43515
BANKNIFTY has closed with a minor cut of 0.24% today. Closing sentiment is bullish BTW as its a pin bar candle in daily TF. So above 44215 if sustained in 15 Min TF we can expect a continuation of today's up move. Important level for downside is 43990 however the main move will come below 43770. We will consider a reversal trade in hourly TF only when a proper W structure starts to form which will be updated here.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44215 then we will long for the target of 44475 and 44737.
For selling we need a 15 Min candle close below 43990. T- 43770 and 43515.
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.
Bullish-Above 44215
Invalid-Below 44105
T- 44475 44737
Bearish-Below 43990
Invalid-Above 44100
T- 43770 43515
BANKNIFTY has closed with a minor cut of 0.24% today. Closing sentiment is bullish BTW as its a pin bar candle in daily TF. So above 44215 if sustained in 15 Min TF we can expect a continuation of today's up move. Important level for downside is 43990 however the main move will come below 43770. We will consider a reversal trade in hourly TF only when a proper W structure starts to form which will be updated here.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44215 then we will long for the target of 44475 and 44737.
For selling we need a 15 Min candle close below 43990. T- 43770 and 43515.
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.
