BANKNIFTY Intraday Trade Setup For 25 May 2023
Buy-Above 43855
Sl-43750
T- 44100 43305
Sell-Below 43635
Sl-43740
T- 43425 43235
BANKNIFTY has closed on a bearish note with 0.63% cut today. It opened with a decent gap down and 10 o'clock range broke upside above 43920 and gave around 90 points gain. Later sell triggered below 43850 and hit our 1st target very smoothly (43850-43640). Till now index is inside hourly range discussed last week. Hourly range is 44160 and 43440. There can be good selling pressure below 43635 if sustained. Above 43855 we can get good upside momentum.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 43855 then we will long for the target of 44100 and 44305.
For selling we need a 15 min candle close below 43635. T- 43425 and 43235. Ride the sell move with previous high as TSL in 5 MIN TF.
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 43855
Sl-43750
T- 44100 43305
Sell-Below 43635
Sl-43740
T- 43425 43235
BANKNIFTY has closed on a bearish note with 0.63% cut today. It opened with a decent gap down and 10 o'clock range broke upside above 43920 and gave around 90 points gain. Later sell triggered below 43850 and hit our 1st target very smoothly (43850-43640). Till now index is inside hourly range discussed last week. Hourly range is 44160 and 43440. There can be good selling pressure below 43635 if sustained. Above 43855 we can get good upside momentum.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 43855 then we will long for the target of 44100 and 44305.
For selling we need a 15 min candle close below 43635. T- 43425 and 43235. Ride the sell move with previous high as TSL in 5 MIN TF.
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.
