BANKNIFTY Intraday Trade Setup For 2 Feb 2023
Buy-Above 40680
Sl-40560
T-41350
Sell-Below 39400
Sl-39520
T-38750
BANKNIFTY has closed on on a slight bearish sentiment with 0.35% cut. It was just too wild. It has created a range of 6% which translates 2500 points. The range is too big. This is a obvious scenario due to Union Budget. I will personally avoid trading the next tow sessions as the swings are just too big and we will easily be eroded by the tsunami swings. I mean the sls will be too big. BTW the trade setup worked perfectly fine.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 40680 then we will long for the target of 41350.
For selling we need a 15 min candle close below 39400. T- 38750.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
Buy-Above 40680
Sl-40560
T-41350
Sell-Below 39400
Sl-39520
T-38750
BANKNIFTY has closed on on a slight bearish sentiment with 0.35% cut. It was just too wild. It has created a range of 6% which translates 2500 points. The range is too big. This is a obvious scenario due to Union Budget. I will personally avoid trading the next tow sessions as the swings are just too big and we will easily be eroded by the tsunami swings. I mean the sls will be too big. BTW the trade setup worked perfectly fine.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 40680 then we will long for the target of 41350.
For selling we need a 15 min candle close below 39400. T- 38750.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range. Trade on this range breakout.
