BANKNIFTY INDEX PRICE ACTION EXPECTATED FOR THE DAY

INDEX SUMMARY

-BANKNIFTY IS TRADING IN A RANGE OF 600 POINTS
-RANGE IS FROM 22100-22700
-CONTRACTION IS TIGHT
-THE WAY MOVING AVERAGES ARE FOLLOWING INDICATES ON HOURLY CHART IS INDICATING A BREAK ON THE DOWN SIDE
-BUT MOVING AVERAGES ARE LAGGING INDICATORS SO CAN'T TOTALLY DEPEND ON THEM
-ITS A SIMPLE SETUP FOR TRADE WHICH WILL BE SHARED BELOW
-TWO THINGS TO OBSERVE IN BANKNIFTY
-FIRST THAT THE INDEX IS RANGING INSIDE THE PRICE ACTION OF MONDAY'S BAR
-SO CLEARLY WE WILL SEE A GOOD BREAKOUT TRADE IF THE RANGE IS BROKEN ON EITHER SIDE
-SECOND POINT IS THAT BANKNIFTY HAS A TRENDLINE ON WHICH WE HAVE SEEN A BOUNCE EVERYTIME
-IF TRENDLINE BREAKS I EXPECT THE BANKNIFTY TO TEST 21600-21050
-THE WAY BANKNIFTY FUTURES IS TRADING IN PREMIUM
-IT SEEMS MORE LIKELY TO BREAK ON THE DOWNSIDE
-CRUCIAL SUPPORT PLACED AT 21100 WITH A MINOR SUPPORT AT 22280
-CRCUIAL RESISTANCE PLACED AT 22700

BANKNIFTY FUTURES TRADE SETUP
PLEASE NOTE:-
!!CONDITIONAL TRADES!!
!!USE LIMIT ORDER ONLY!!
!!TRADE ACCORDING TO YOUR RISK APPETITE!!

BUY SETUP
BUY@22825(LIMIT ORDER)
STOP@22625
TARGET@23035
QTY=250

SHORT SETUP
SHORT@22090
STOP@22290
TARGET@21780
QTY=250

BANKNIFTY RESISTANCE FOR THE DAY
22830-22720-22450 ( FUT )
BANKNIFTY SUPPORT FOR THE DAY
22280-21100-21960 ( FUT )

SCREENSHOT