BANKNIFTY Intraday Trade Setup For 04 Jan 2023

BANKNIFTY Intraday Trade Setup For 04 Jan 2023

Buy-Above 43500
Sl-43390
T-43725 44000

Sell-Below 43345
Sl-43455
T-43170 42990

BANKNIFTY has closed on a positive note with 0.51% gain. It has closed near day high which shows strength. This bullishness will continue above 43500 if sustained above. A good up move can be seen as it has been consolidating in the form of inside candle since last 3 consecutive sessions. But if 43150 is sustained in the downside then we can see down move. Tomorrow's best trade will be on a flat opening.

Coming to Wednesday's trade setup, if index opens flat and a 15 min candle closes above 43500 then we will long for the target of 43725-75 and 44000.

For selling we need a 15 Min candle close below 43345. T- 43170 and 42990. After that keep trailing.

Keep a strict trailing method with RR if price action supports.

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.