BANKNIFTY Intraday Trade Setup For 4 Oct 2022

BANKNIFTY Intraday Trade Setup For 4 Oct 2022

Buy-Above 38390
Sl-38280
T-38560 38800

Sell-Below 37960
Sl-38070
T-37690 37400

BANKNIFTY has closed with 1.56% cut and formed an inside candle in daily TF. Breakout of the mother candle's range will give us a move either side. Last we planned to short below 37530 this trade worked perfectly but it opened with a big gap down. So we already planned to trade 10 o'clock range breakout in case of gap up/down. It broke downside and gave a move but with huge volatility.

Coming to tomorrow's trade setup, if index opens flat and a 5/15 Min candle closes below 37960 then we will short for the target of 37690 and 37400. A pullback before breakdown is needed.

For buying we need a 15 Min candle close above 38400. 1st target will be 38560 then 38800+.

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.