BANKNIFTY Intraday Trade Setup For 23 Oct 2023 || Daily Analysis
BANKNIFTY Intraday Trade Setup For 23 Oct 2023
Bullish-Above 43880
Invalid-Below 43770
T- 44125 44370
Bearish-Below 43550
Invalid-Above 43660
T- 43235 42885
BANKNIFTY has closed on a bearish note with 1.28% cut last week. Apart from one day (18 Oct) the intraday momentum was sideways and bearish moves are not so so it indicates more sideways momentum in the next few sessions. However it has tested weekly swing low of 43600. Sustaining below this will initiate a larger downfall. Tomorrow's best trade scenario will be on flat opening. It has formed an inside candle in daily TF so incase 43550 is breached on a flat opening, we can witness trendy fall. 43880 is the level for upside.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 43880 then we will long for the target of 44125 and 44370.
For selling we need a 15 min candle close below 43550. T- 43235 and 42885.
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.
Bullish-Above 43880
Invalid-Below 43770
T- 44125 44370
Bearish-Below 43550
Invalid-Above 43660
T- 43235 42885
BANKNIFTY has closed on a bearish note with 1.28% cut last week. Apart from one day (18 Oct) the intraday momentum was sideways and bearish moves are not so so it indicates more sideways momentum in the next few sessions. However it has tested weekly swing low of 43600. Sustaining below this will initiate a larger downfall. Tomorrow's best trade scenario will be on flat opening. It has formed an inside candle in daily TF so incase 43550 is breached on a flat opening, we can witness trendy fall. 43880 is the level for upside.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 43880 then we will long for the target of 44125 and 44370.
For selling we need a 15 min candle close below 43550. T- 43235 and 42885.
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.
