BANKNIFTY Intraday Trade Setup For 09 Feb 2022
Buy-Above 38225
Sl-38125
T-38440 38560 37727
Sell-Below 37590
Sl-37690
T-37300 37000
BANKNIFTY has formed a hammer in daily TF. Indicating that the current downtrend may stop here. It will be active above its high 38225. We planned to sell below 37800. Index fell 470+ points from there. It was a good trendy move. It was free fall.
We have seen a sharp recovery after 11 o'clock when the intraday trendline resistance broke. It was a V- shape recovery. This upside move will continue above today high. We need ca 15 Min candle close above 38150. Then above 38220 we will plan to buy. If we get a pullback after breaking the high then that will be more ideal place to enter. Target will be 37500.
For selling we need to wait till 37600. Below 37590 we will sell for the target of 37320. And if index breaks 37300 then we will hold till 37000.
Index moves are wild so trade carefully.
Buy-Above 38225
Sl-38125
T-38440 38560 37727
Sell-Below 37590
Sl-37690
T-37300 37000
BANKNIFTY has formed a hammer in daily TF. Indicating that the current downtrend may stop here. It will be active above its high 38225. We planned to sell below 37800. Index fell 470+ points from there. It was a good trendy move. It was free fall.
We have seen a sharp recovery after 11 o'clock when the intraday trendline resistance broke. It was a V- shape recovery. This upside move will continue above today high. We need ca 15 Min candle close above 38150. Then above 38220 we will plan to buy. If we get a pullback after breaking the high then that will be more ideal place to enter. Target will be 37500.
For selling we need to wait till 37600. Below 37590 we will sell for the target of 37320. And if index breaks 37300 then we will hold till 37000.
Index moves are wild so trade carefully.