BANKNIFTY Intraday trade Setup For 28 Feb 2022
BANKNIFTY Intraday trade Setup For 28 Feb 2022
Buy-Above 36800
Sl-36700
T-37000 37140
Sell-Below 36200
Sl-36300
T-36000 35650
BANKNIFTY has given a dead cat bounce on Friday's trading session. Half the momentum came through gap up. After gap also banknifty shot up and trapped late short sellers. Index showed strength the whole day. In the second trading session index was facing seller pressure but BANKNIFTY held itself at higher levels.
Coming back to Monday's trade setup, we will buy above Friday's high - 36710 if we get a 15 Min candle close. Then Above 36800 we will buy for the target of 37142 and 37300. This gap area of 37300-37400 can act as resistance. Will book our targets in this zone. One aggressive buy trade can be done after the flag pattern breaks in 15 TF.
For selling we need a 15 candle close below 36227 then below 36200 we will sell for the target of 36000. 36000 can act as a support zone. Consider booking profits here.
But seeing global markets and SGX Nifty we are likely open gap up. Very big gap up can lead to some kind of profit booking. In that case any negative price action near gap area can be planned to short.
Safe thing to do is to wait for a range till 10 o'clock and then trade that range breakout/breakdown.
Buy-Above 36800
Sl-36700
T-37000 37140
Sell-Below 36200
Sl-36300
T-36000 35650
BANKNIFTY has given a dead cat bounce on Friday's trading session. Half the momentum came through gap up. After gap also banknifty shot up and trapped late short sellers. Index showed strength the whole day. In the second trading session index was facing seller pressure but BANKNIFTY held itself at higher levels.
Coming back to Monday's trade setup, we will buy above Friday's high - 36710 if we get a 15 Min candle close. Then Above 36800 we will buy for the target of 37142 and 37300. This gap area of 37300-37400 can act as resistance. Will book our targets in this zone. One aggressive buy trade can be done after the flag pattern breaks in 15 TF.
For selling we need a 15 candle close below 36227 then below 36200 we will sell for the target of 36000. 36000 can act as a support zone. Consider booking profits here.
But seeing global markets and SGX Nifty we are likely open gap up. Very big gap up can lead to some kind of profit booking. In that case any negative price action near gap area can be planned to short.
Safe thing to do is to wait for a range till 10 o'clock and then trade that range breakout/breakdown.
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