BANKNIFTY Intraday Trade Setup For 5 Dec 2022
Buy-Above 43135
Sl-43030
T-43315 43500
Sell-Below 42935
Sl-43040
T-42700 42530
BANKNIFTY has closed almost flat for this week as it ended with just 119 points gain which is 0.28%. In monthly TF the last (Nov) month candle closed above the ATH which was created last year in the month of Oct. Currently we are 3% up from that level. Possibility is that we may give a pullback before the start of any fresh up move. And the recent high which is 42550 will be important to watch out for the continuation. Talking about the weekly TF since last 8 weeks we have been safeguarding Previous Low. So if we break current week's low we may show some weakness.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43135 then we will long for the target of 43315 above which we will hit 43500.
For selling we need a 15 Min candle close below 42935. Target will be 42700 and 42530.
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 43135
Sl-43030
T-43315 43500
Sell-Below 42935
Sl-43040
T-42700 42530
BANKNIFTY has closed almost flat for this week as it ended with just 119 points gain which is 0.28%. In monthly TF the last (Nov) month candle closed above the ATH which was created last year in the month of Oct. Currently we are 3% up from that level. Possibility is that we may give a pullback before the start of any fresh up move. And the recent high which is 42550 will be important to watch out for the continuation. Talking about the weekly TF since last 8 weeks we have been safeguarding Previous Low. So if we break current week's low we may show some weakness.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43135 then we will long for the target of 43315 above which we will hit 43500.
For selling we need a 15 Min candle close below 42935. Target will be 42700 and 42530.
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.
