BANKNIFTY Intraday Trade Setup For 03 Oct 2023
Bullish-Above 44760
Invalid-Below 44650
T-45040 45270
Bearish-Below 44490
Invalid-Above 44610
T-44248 44000
BANKNIFTY has closed on an absolute flat note last week. Previous week it was discussed that 'a base formation may happen near 44500 zone and probability of a sideways momentum is high after an parabolic (down) move'. 5 out of 7 last sessions it closed exactly near 44600. After consolidation now time for a directional move on last week's range (44180-45000) breakout. Major Weekly levels are 44400 and 43600. In hourly TF 44760 is a bullish reversal level and 44180 is a bearish continuation level.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44760 then we will long for the target of 45040 and 45270.
For selling we need a 15 Min candle close below 44490. T- 44250 and 44000.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
Bullish-Above 44760
Invalid-Below 44650
T-45040 45270
Bearish-Below 44490
Invalid-Above 44610
T-44248 44000
BANKNIFTY has closed on an absolute flat note last week. Previous week it was discussed that 'a base formation may happen near 44500 zone and probability of a sideways momentum is high after an parabolic (down) move'. 5 out of 7 last sessions it closed exactly near 44600. After consolidation now time for a directional move on last week's range (44180-45000) breakout. Major Weekly levels are 44400 and 43600. In hourly TF 44760 is a bullish reversal level and 44180 is a bearish continuation level.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44760 then we will long for the target of 45040 and 45270.
For selling we need a 15 Min candle close below 44490. T- 44250 and 44000.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
