BANKNIFTY Intraday Trade Setup For 29 Aug 2023
BANKNIFTY Intraday Trade Setup For 29 Aug 2023
Bullish-Above 44615
Invalid-Below 44505
T- 44840 45045
Bearish-Below 44370
Invalid-Above 44480
T- 44100 43825
BANKNIFTY has closed on a bullish note with decent gain of 0.6% today. In the weekend we discussed that index is likely to maintain a sideways momentum till daily range (45000-43600) breaks, so one directional trade should be the target. It was complete sideways till buy triggered as per trade setup. 1st target was achieved smoothly above 43360. Bullish momentum likely to continue above today's high towards 44840 zone. Below 44370 it will be bearish in intraday.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle close above 44615 then we will long for the target of 44840 and 45045.
For selling we need a 15 Min candle close below 43370. T- 44100 and 43825.
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 44615
Invalid-Below 44505
T- 44840 45045
Bearish-Below 44370
Invalid-Above 44480
T- 44100 43825
BANKNIFTY has closed on a bullish note with decent gain of 0.6% today. In the weekend we discussed that index is likely to maintain a sideways momentum till daily range (45000-43600) breaks, so one directional trade should be the target. It was complete sideways till buy triggered as per trade setup. 1st target was achieved smoothly above 43360. Bullish momentum likely to continue above today's high towards 44840 zone. Below 44370 it will be bearish in intraday.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle close above 44615 then we will long for the target of 44840 and 45045.
For selling we need a 15 Min candle close below 43370. T- 44100 and 43825.
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.
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