BANKNIFTY Intraday Trade Setup For 12 May 2022
BANKNIFTY Intraday Trade Setup For 12 May 2022
Buy-Above 34800
Sl-34700
T-35000 35300 35500
Sell-Below 34500
Sl-34600
T-34150 34000
BANKNIFTY has made an extreme bullish candle in daily TF ahead of expiry. We have been in a extreme downtrend since a long time. A short covering may take place soon. We had already discussed that the key reversal point is 34800.
Coming to tomorrow's trade setup, as soon as BANKNIFTY crosses 34800 we are gonna long for the target of 35000 and 35500. 15 min candle close will give us a clue for a perfect breakout. Book max at 35500.
For selling we need a 15 min candle close below 34500. Below the low of breakdown candle, will initiate a short trade for the target of 34300 and 34150.
High probability trade is in upside.
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.
Hourly Resistance- 35500
Hourly Support- 34000
Intraday Resistance- 35000-50
Intraday Support- 34500
Hourly view above 34800, invalid below 33900
https://www.tradingview.com/x/qjRtNSTs/
Buy-Above 34800
Sl-34700
T-35000 35300 35500
Sell-Below 34500
Sl-34600
T-34150 34000
BANKNIFTY has made an extreme bullish candle in daily TF ahead of expiry. We have been in a extreme downtrend since a long time. A short covering may take place soon. We had already discussed that the key reversal point is 34800.
Coming to tomorrow's trade setup, as soon as BANKNIFTY crosses 34800 we are gonna long for the target of 35000 and 35500. 15 min candle close will give us a clue for a perfect breakout. Book max at 35500.
For selling we need a 15 min candle close below 34500. Below the low of breakdown candle, will initiate a short trade for the target of 34300 and 34150.
High probability trade is in upside.
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.
Hourly Resistance- 35500
Hourly Support- 34000
Intraday Resistance- 35000-50
Intraday Support- 34500
Hourly view above 34800, invalid below 33900
https://www.tradingview.com/x/qjRtNSTs/
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