BANKNIFTY Intraday Trade Setup For 18 Oct 2023 || Daily Analysis

BANKNIFTY Intraday Trade Setup For 18 Oct 2023

Bullish-Above 44590
Invalid-Below 44480
T- 44885 45120

Bearish-Below 44330
Invalid-Above 44440
T- 44040 43795

BANKNIFTY has closed with 0.42% gain today, all contributed by gap up. It was another day of sideways momentum. It opened with a big gap up and momentum was lost within 150 points range for the 1st 4 hours. Later 10 o'clock range broke downside below 44430 and gave 90 points move in favor. Tomorrow if it sustains above 44600 then we can see a good up move. Below 44330 it can give a move towards 44040 but 44200 can be a confluence gap zone.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 44590 then we will long for the target of 44885-915 and 45120.

For selling we need a 15 Min candle close below 44330. T- 44040 and 43795.

In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.

Transaction en cours:

exit the short trade at cost

Transaction en cours:

Updated to close the short trade due to random moves

However it hit our 1st target