BANKNIFTY Intraday Trade Setup For 28 Nov 2022
Buy-Above 43060
Sl-42950
T-43300 43522
Sell-Below 42860
Sl-42970
T-42630 42460
BANKNIFTY closed on a positive note last week but on a slight negative note last day. Week ended with 1.29% gain. On Friday we saw a minor profit booking and it closed with a minor cut of 0.21%. It can be start of profit booking, but we need a negative price action in hourly TF. This profit booking can pull BANKNIFTY till 41750 levels; confirmation in the form of negative price action needed. M pattern is needed in hourly and daily. Or else it will slowly and steadily inch higher. No swing low has been tested yet.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43060 then we will long for the target of 43300. Above 43350 we will hit 43522+.
For selling we need a 15 Min candle close below 42860. Target will be 42630. Below 42600 we will hit 42460.
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 43060
Sl-42950
T-43300 43522
Sell-Below 42860
Sl-42970
T-42630 42460
BANKNIFTY closed on a positive note last week but on a slight negative note last day. Week ended with 1.29% gain. On Friday we saw a minor profit booking and it closed with a minor cut of 0.21%. It can be start of profit booking, but we need a negative price action in hourly TF. This profit booking can pull BANKNIFTY till 41750 levels; confirmation in the form of negative price action needed. M pattern is needed in hourly and daily. Or else it will slowly and steadily inch higher. No swing low has been tested yet.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 43060 then we will long for the target of 43300. Above 43350 we will hit 43522+.
For selling we need a 15 Min candle close below 42860. Target will be 42630. Below 42600 we will hit 42460.
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.
