BANKNIFTY Intraday Trade Setup For 20 Oct 2023 || Daily Analysis
BANKNIFTY Intraday Trade Setup For 20 Oct 2023
Bullish-Above 44060
Invalid-Below 43950
T- 44370 44632
Bearish-Below 43550
Invalid-Above 43660
T- 43230 42885
BANKNIFTY has closed on a slight bearish note with 0.31% cut today. It opened with a big gap down and 10 o'clock range was to be used as per trade setup. Range broke upside above 43815 and last swing low was 43686. Only problem was the breakout candle which was too big which made it not fit as per RR when the candle closed. However later it did a Re-test and gave the same strength move. It has formed an inverted hammer in daily TF so it will have some positive bias till it sustains above 43800 however buy level is above 44060.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 44060 then we will long for the target of 44370 and 44635.
For selling we need a 15 Min candle close below 43550. T- 43230 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 44060
Invalid-Below 43950
T- 44370 44632
Bearish-Below 43550
Invalid-Above 43660
T- 43230 42885
BANKNIFTY has closed on a slight bearish note with 0.31% cut today. It opened with a big gap down and 10 o'clock range was to be used as per trade setup. Range broke upside above 43815 and last swing low was 43686. Only problem was the breakout candle which was too big which made it not fit as per RR when the candle closed. However later it did a Re-test and gave the same strength move. It has formed an inverted hammer in daily TF so it will have some positive bias till it sustains above 43800 however buy level is above 44060.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 44060 then we will long for the target of 44370 and 44635.
For selling we need a 15 Min candle close below 43550. T- 43230 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.
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