BANKNIFTY Intraday Trade Setup For 9 May 2022

6 พ.ค. 2022

BANKNIFTY Intraday Trade Setup For 9 May 2022

Buy-Above 34800
Sl-34700
T-35000 35300

Sell-Below 34300
Sl-34400
T-34100 34000

BANKNIFTY has formed a doji candle in daily TF. It indicates a trend pause . Last week we planned to sell below 35500, our target is hit, 34300(+-50). Now we can expect a pullback above doji candle's high. Below 34300 selling will resume. Next target will be 34500-34550.

Coming to Monday's trade setup-
BANKNIFTY has made a good base at 34350. If a 15 Min candle closes below this then once again we will sell for the target of 34000 and 33800.

For buying we need a candle close above 34800. Long above this for the target of 35100 and 35300.Book max at 35150, it can act as resistance.

Intraday support- 34300
Intraday resistance- 34800

Hourly support-34000
Hourly resistance- 35500

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.