BANKNIFTY Intraday Trade Setup For 21 Aug 2023
Bullish-Above 43960
Invalid-Below 43850
T- 44238 44479
Bearish-Below 43760
Invalid-Above 43870
T- 43500 43239
BANKNIFTY has closed on a slight bearish note last week with 0.79% cut. Since the break of 45620 we have been in selling mode and each week it has been explained that index is sell on rise. Also probable targets were also discussed last week which were 43239 and extended target of 42600. So the 1st target is almost achieved. Now either one can book on break of previous hourly swing high- 44100 or wait for the continuation below 43600. For a confirmed bullish reversal we need a structure in daily TF which will be updated if that happens.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 43960 then we will long for the target of 44238 and 44479.
For selling we need a 15 Min candle close below 43760. T- 43500 and 43239.
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 43960
Invalid-Below 43850
T- 44238 44479
Bearish-Below 43760
Invalid-Above 43870
T- 43500 43239
BANKNIFTY has closed on a slight bearish note last week with 0.79% cut. Since the break of 45620 we have been in selling mode and each week it has been explained that index is sell on rise. Also probable targets were also discussed last week which were 43239 and extended target of 42600. So the 1st target is almost achieved. Now either one can book on break of previous hourly swing high- 44100 or wait for the continuation below 43600. For a confirmed bullish reversal we need a structure in daily TF which will be updated if that happens.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 43960 then we will long for the target of 44238 and 44479.
For selling we need a 15 Min candle close below 43760. T- 43500 and 43239.
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.
