BANKNIFTY Intraday Trade Setup For 8 Apr 2022

BANKNIFTY Intraday Trade Setup For 8 Apr 2022

Buy-Above 37700
Sl-37600
T-37900 38000

Sell-Below 37340
Sl-37450
T-37150 37000 36800

BANKNIFTY has close almost flat today. Closing is near 37500. It opened with a decent gap down about 200 points. We planned to sell below 37500 if opens flat. It gave a small move of more than 100 points from yesterday's closing, near our sell level. However we also planned to trade the 10 o'clock range breakout. High of the range was near 37590 and low was near 37340. It gave breakout in the upside after a good consolidation. This trade was smooth. It gave more than 250 points move. Then a Gravestone Doji candle was formed in 15 Min TF near 38000. As soon as the low broke, after a small consolidation it fell till 37500 from where the upside move came earlier. It was a good day.

Coming to Friday's trade setup, BANKNIFTY is in a range since last 2 days. This range shift will give us any direction move. Upper range is 38000 lower range is 37340-37300. Index has closed near range low. So, if index opens flat and a 15 Min candle closes below 37350. below that candle low we will sell for the target of 37150 and 37000. 37150 is the gap area and 37000 is a psychological level. So book max here. Final target will be 36800 and 36565. We can expect a bounce from 36800 as this is an important level in daily TF.

For buying, safe traders should wait till 38000 is crossed and sustained. We need a 15 Min candle close above 38000 to build a long target will be 38200 and 38500. One aggressive buy trade can be done if a 15 Min candle closes above 37700. target will be 37900 and 38000.

In case of a gap up/down, mark the high and low of the trading range till 10 'clock and trade on this range breakout.
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