BANKNIFTY Intraday Trade Setup For 11 Apr 2022

BANKNIFTY Intraday Trade Setup For 11 Apr 2022

Buy-Above 38000
Sl-37850
T-38200 38300 38600

Sell-Below 37340
Sl-37450
T-37150 37000 36800

BANKNIFTY has closed 0.5% up on Friday. Its been 3 days and BANKNIFTY continues to trade between the range of 38000 and 37300. Last week was a profit booking week with a consolidation.
The weekly candle is a trend pause cum reversal candle. It has made a shooting star candle in weekly TF. The high and low of the shooting star candle will be very important. Below candle low i.e 37340 will be the trigger for the downside move. For further upside move we need a weekly candle close above 39000.

Coming to Monday's trade setup, we will wait till range is shifted in 15 Min TF. Range is 38000 and 37300. So for buying we need a candle close above 38000. Target will be 38200, 38300 and 38600. Above 38800 a fresh upside move will come. Best condition will be if it consolidates below 37980 for 30 Min and if our buy level triggers then that will be the ideal trade.

For selling ideal trade will be done below 37340 only. Target will be opened for 36800 and 36550 below 37340. We need a candle close below 37340, below that candle we will sell. One aggressive trade can be done below 37580 if a 15 Min candle closes below. Target will be near 37400.

In case of a gap up/down, wait till 10 o'clock and mark the high and low of the trading range till 10 o'clock and trade on range breakout.
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