BANKNIFTY Intraday Trade Setup For 10 May 2022
Buy-Above 34600
Sl-34500
T-36800 35000
Sell-Below 33900
Sl-34000
T-33750 33550
BANKNIFTY has formed an inverted hammer in daily TF. We have sold from 35500, index has hit our targets 34000. We planned a reversal trade from 34000, hourly support. It gave a fantastic move till 34550+. Also 10 o'clock rage broke upside above 34260 and gave a good upside move. Now for a perfect swing reversal trade, we need a double bottom in 15 Min TF.
Coming to tomorrow's trade setup, we are gonna sell below 33920. Targets will be 33750 and 33550. 33500-33550 is a PRZ area, a bounce can be expected from this region. This will be executed on flat opening.
For buying we need a 15 candle close 34560 , above that candle we will buy for the target of 34800 and 35000.
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.
Intraday Support-33950
Intraday Resistance- 33550
Hourly Support-33000
Hourly Resistance- 35100-200
Buy-Above 34600
Sl-34500
T-36800 35000
Sell-Below 33900
Sl-34000
T-33750 33550
BANKNIFTY has formed an inverted hammer in daily TF. We have sold from 35500, index has hit our targets 34000. We planned a reversal trade from 34000, hourly support. It gave a fantastic move till 34550+. Also 10 o'clock rage broke upside above 34260 and gave a good upside move. Now for a perfect swing reversal trade, we need a double bottom in 15 Min TF.
Coming to tomorrow's trade setup, we are gonna sell below 33920. Targets will be 33750 and 33550. 33500-33550 is a PRZ area, a bounce can be expected from this region. This will be executed on flat opening.
For buying we need a 15 candle close 34560 , above that candle we will buy for the target of 34800 and 35000.
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.
Intraday Support-33950
Intraday Resistance- 33550
Hourly Support-33000
Hourly Resistance- 35100-200
