BANKNIFTY Intraday Trade Setup For 23 Jan 2023
Buy-Above 42605
Sl-42495
T- 42750 42950
Sell-Below 42470
Sl-42580
T-42215 41990
BANKNIFTY has closed on a bullish sentiment on Friday with 0.42% gain. Last week's candle is a hammer. If index sustains above its high then we will test 42600 and then a fresh ATH in the coming days. Tomorrow's closing is important above 42700 for the upside journey. Since a buyers candle has been formed so below its low there can be sharp selling; parabolic down move. Also there is a swing in weekly TF @ 42550. Breakdown will initiate a downside structure for the short term. Follow strict trailing for tomorrow's session with simple price structure for both side trades.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 42605 then we will long or the target of 42750 and 42950.
For selling we need a 15 Min candle close below 42470. T- 42215 and 41990.
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 42605
Sl-42495
T- 42750 42950
Sell-Below 42470
Sl-42580
T-42215 41990
BANKNIFTY has closed on a bullish sentiment on Friday with 0.42% gain. Last week's candle is a hammer. If index sustains above its high then we will test 42600 and then a fresh ATH in the coming days. Tomorrow's closing is important above 42700 for the upside journey. Since a buyers candle has been formed so below its low there can be sharp selling; parabolic down move. Also there is a swing in weekly TF @ 42550. Breakdown will initiate a downside structure for the short term. Follow strict trailing for tomorrow's session with simple price structure for both side trades.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 42605 then we will long or the target of 42750 and 42950.
For selling we need a 15 Min candle close below 42470. T- 42215 and 41990.
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.
