BANKNIFTY Intraday Trade Setup For 31 Jul 2023
Bullish-Above 45530
Invalid-Below 45420
T-45805 46115
Bearish-Below 45230
Invalid-Above 45340
T-44949 44725
BANKNIFTY has closed on a slight bearish note with 1.32% cut last week. Index can give a pullback as down move but for that we have to wait patiently till a bearish price structure is established in daily TF. Also in hourly TF it is bearish, invalidation till a reversal sign is spotted. So its sell on rise till then. Reversal (M) structure has to be followed in 5 and 15 Min TF in the up moves. 45530 and 45230 are important level to look for breakout in tomorrow's session.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45530 then we will long for the target of 45805 and 46115.
For selling we need a 15 Min candle close below 45230. T- 44949 and 44725.
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.
Bullish-Above 45530
Invalid-Below 45420
T-45805 46115
Bearish-Below 45230
Invalid-Above 45340
T-44949 44725
BANKNIFTY has closed on a slight bearish note with 1.32% cut last week. Index can give a pullback as down move but for that we have to wait patiently till a bearish price structure is established in daily TF. Also in hourly TF it is bearish, invalidation till a reversal sign is spotted. So its sell on rise till then. Reversal (M) structure has to be followed in 5 and 15 Min TF in the up moves. 45530 and 45230 are important level to look for breakout in tomorrow's session.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45530 then we will long for the target of 45805 and 46115.
For selling we need a 15 Min candle close below 45230. T- 44949 and 44725.
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.
