BANKNIFTY Intraday Trade Setup For 7 Apr 2022
Buy-Above 37880
Sl-37770
T-38050 38200 38500
Sell-Below 37500
Sl-37600
T-37200 37000 36800
BANKNIFTY has closed 1% below today. It opened with a decent gap down nearly 1%. It opened below our sell level. But it was too far. The 10 o'clock range was not tested. It was a clean consolidation.37500 acted as a support and 37900 as resistance. It is the 1st day after a week that index has closed below its previous day low. So , typically it is a indication of weakness. We can expect a pullback of the huge up move we saw.
Coming to the expiry day trade setup, we will plan for a sell trade below today's low. 37500 is tested multiple times today. It has been hammered, a breakdown can lead a good downfall. So if index slides below 37500, safe traders should wait for a 5 Min candle close. Target will the gap area- 37200-37150. Second target will be 37000. It is a psychological level. Book max here. Our final target will be 36800. This a PRZ area. A bounce can be expected from here. This trade will be best on a flat opening.
For buying we need a 15 Min candle close above 37880, today high. Target will be 38050, 38200 and final target of 38500. Trendy move will come above 38800. One small scalp buy trade can be done above 37760 for the target of 37860.
In case of a gap up/down, mark high and low of the trading range till 10 o'clock. Initiate a trade on this range breakout.
Buy-Above 37880
Sl-37770
T-38050 38200 38500
Sell-Below 37500
Sl-37600
T-37200 37000 36800
BANKNIFTY has closed 1% below today. It opened with a decent gap down nearly 1%. It opened below our sell level. But it was too far. The 10 o'clock range was not tested. It was a clean consolidation.37500 acted as a support and 37900 as resistance. It is the 1st day after a week that index has closed below its previous day low. So , typically it is a indication of weakness. We can expect a pullback of the huge up move we saw.
Coming to the expiry day trade setup, we will plan for a sell trade below today's low. 37500 is tested multiple times today. It has been hammered, a breakdown can lead a good downfall. So if index slides below 37500, safe traders should wait for a 5 Min candle close. Target will the gap area- 37200-37150. Second target will be 37000. It is a psychological level. Book max here. Our final target will be 36800. This a PRZ area. A bounce can be expected from here. This trade will be best on a flat opening.
For buying we need a 15 Min candle close above 37880, today high. Target will be 38050, 38200 and final target of 38500. Trendy move will come above 38800. One small scalp buy trade can be done above 37760 for the target of 37860.
In case of a gap up/down, mark high and low of the trading range till 10 o'clock. Initiate a trade on this range breakout.
