BANKNIFTY Intraday Trade Setup For 17 Oct 2023 || Daily Analysis
BANKNIFTY Intraday Trade Setup For 17 Oct 2023
Bullish-Above 44360
Invalid-Below 44250
T- 44600 44883
Bearish-Below 44040
Invalid-Above 44150
T- 43795 43524
BANKNIFTY has closed almost on a flat not with a minor cut of 0.14% today. Sell triggered as per trade immediately after opening, without any pullback after a big parabolic down move from last session's high. It formed a morning star immediately after breakout and hit our sl. Index momentum is still sideways, especially when seen in hourly TF. It is trading between 44750 and 43790. Tomorrow high probability trade looks in the upside if triggered. 44360 and 44040 are important levels for tomorrow's session.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44360 then we will long for the target of 44600 and 44883.
For selling we need a 15 min candle close below 44040. T- 43790 and 43524.
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 44360
Invalid-Below 44250
T- 44600 44883
Bearish-Below 44040
Invalid-Above 44150
T- 43795 43524
BANKNIFTY has closed almost on a flat not with a minor cut of 0.14% today. Sell triggered as per trade immediately after opening, without any pullback after a big parabolic down move from last session's high. It formed a morning star immediately after breakout and hit our sl. Index momentum is still sideways, especially when seen in hourly TF. It is trading between 44750 and 43790. Tomorrow high probability trade looks in the upside if triggered. 44360 and 44040 are important levels for tomorrow's session.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 44360 then we will long for the target of 44600 and 44883.
For selling we need a 15 min candle close below 44040. T- 43790 and 43524.
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.
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