BANKNIFTY Intraday Trade Setup For 6 Sep 2022
Buy-Above 39870
Sl-39750
T- 40100 40410
Sell-Below 39725
Sl-39830
T-39600 39400
BANKNIFTY has closed on a positive note with almost 1% gain. The daily and hourly range has been given a ceiling test today; it has tested the swing high of 39760 and closed above 39800. A bullish momentum can be expected above today's high- 39870. Sharp/moderate selling will come below 39400 on closing basis.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 39870 then we will long for the target of 40105, 40000 is a psychological level in between. Final target in case a strong bullish move will be 40410.
For selling we need a 15 min candle close below 39725. Downside target will be near 39570-39600. Post bounce from this zone if it is broken then we will head towards our 2nd target near 39350-39400. Safe traders should short below 39680.
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 39870
Sl-39750
T- 40100 40410
Sell-Below 39725
Sl-39830
T-39600 39400
BANKNIFTY has closed on a positive note with almost 1% gain. The daily and hourly range has been given a ceiling test today; it has tested the swing high of 39760 and closed above 39800. A bullish momentum can be expected above today's high- 39870. Sharp/moderate selling will come below 39400 on closing basis.
Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes above 39870 then we will long for the target of 40105, 40000 is a psychological level in between. Final target in case a strong bullish move will be 40410.
For selling we need a 15 min candle close below 39725. Downside target will be near 39570-39600. Post bounce from this zone if it is broken then we will head towards our 2nd target near 39350-39400. Safe traders should short below 39680.
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.
