BANKNIFTY Intraday Trade Setup For 10 Oct 2022

BANKNIFTY Intraday Trade Setup For 10 Oct 2022

Buy-Above 39240
Sl-39125
T-39437 39600+

Sell-Below 39805
Sl-39920
T-38570 39300

BANKNIFTY has closed almost flat on Friday as NIFTY did. A range has been formed on the last trading session. That will be used to build our next day's intraday setup. Broader weekly range is 41850 and 37380. A parallel channel is being followed in hourly TF, keep an eye on that. Important support in hourly TF is 38800. Below this trendline will be broken.

Coming to Monday's trade setup, if index opens flat and a 5/15 Min candle closes above 39240 then we will long for the target of 39437 and 39600. If 39610 is sustained we will head towards 39815 and 40040. A pullback is needed before breakout.

For selling we need a 5/15 Min candle close below 38805. Post breakdown target will be 38570 and 38300. If fall is sustained then we may test 37950 as 38800 is important support in hourly TF. Index will be weak below 38950.

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.
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