BANKNIFTY Intraday Trade Setup For 17 Jul 2023

BANKNIFTY Intraday Trade Setup For 17 Jul 2023

Buy-Above 44925
Sl-44815
T- 45190 45425

Sell-Below 44540
Sl- 44650
T- 44327 44110

BANKNIFTY has closed almost flat last week and made a neutral candle. Last week one view we built is that we will short every rise in intraday with a bearish/M structure in 5 MIN TF as the index was in decline cycle. It worked almost on all 5 sessions last week. Now for this week it has created a neutral sentiment. Also it was said that 44500 zone is a CIP support. It has formed a pin bar candle in daily TF. So above its high we can expect that the support has been taken. Below 44540 there can be downside move.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 44925 then we will long for the target of 45190 and 45425.

For selling we need a 15 Min candle close below 44540. T- 44327 and 44110.

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.

Handel aktiv:

BANKNIFTY- primary view i'e CIP Support from 44500 zone worked fantastic

Buy triggered as per analysis above 44925

44925-45556+