BANKNIFTY Intraday Trade Setup For 2 August 2022
Buy- Above 37940
Sl- 37820
T-38110 38250
Sell-Below 37680
Sl-37800
T-37500 37300
BANKNIFTY has once again closed on a positive note with more than 1% gain. It has closed below psychological level 38000.Last day we planned to buy above 37550. 1st few min were too volatile. A Pin Bar was formed in 5 Min and in the 9:45 Min candle (5 Min) our long was triggered again and it hit our targets very smoothly. It gave 1% profit (37550-37939).
Coming to tomorrow's trades setup, if index opens flat and 5 Min candle closes above 37940, we will long once again for the target of 38110. Extended target will be 38250.
For selling we need a 5 Min candle closes below 37680. Targets will be 37500 and 37300. Till now index is bullish across all TF be it 5 or 15 Min. We need a negative price action for any good short trade. Index will be weak below 37800 and a negative price action can be established below that.
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 37940
Sl- 37820
T-38110 38250
Sell-Below 37680
Sl-37800
T-37500 37300
BANKNIFTY has once again closed on a positive note with more than 1% gain. It has closed below psychological level 38000.Last day we planned to buy above 37550. 1st few min were too volatile. A Pin Bar was formed in 5 Min and in the 9:45 Min candle (5 Min) our long was triggered again and it hit our targets very smoothly. It gave 1% profit (37550-37939).
Coming to tomorrow's trades setup, if index opens flat and 5 Min candle closes above 37940, we will long once again for the target of 38110. Extended target will be 38250.
For selling we need a 5 Min candle closes below 37680. Targets will be 37500 and 37300. Till now index is bullish across all TF be it 5 or 15 Min. We need a negative price action for any good short trade. Index will be weak below 37800 and a negative price action can be established below that.
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.
