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Banknifty Intraday View

Munmun Chatterjee

Technical Analyst, owner of TRADEMANIAC

Apr 05 , 2023 / 08:56 AM

#banknifty •  #banknifty-view • #Bankniftyanalysis • #trademaniac •  #sharemarket •  #optionbuy •  #bankniftyStrategy • #BreakoutTrading • #swingTrading • #Intradaytrading •  #bankniftyTradeSetup •  #TrademaniacBestInstituteofShareMarket

Banknifty faces daily resistance at the daily trendline. If it breaks the red horizontal line, we can initiate a short trade with future hedge or we can buy put with the SL of daily trendline and Target is 40800,40500, 40225. Current Market price - 41022. Possible entry is below 40973. This is a positional swing trade. Since the RBI policy is tomorrow, the market may stay flat today. Tomorrow, a significant decline below the daily trend line is possible, or a significant upward movement is possible if the daily resistance is broken with significant volume.Therefore, we must plan a trade with a decent risk:reward ratio while maintaining our position hedge.

Intraday chart

This week's Banknifty weekly trend deciders are 40850 and 39600.
40750 and 40880 are today's intraday support levels for Banknifty fut.

If breaks and manages to go above 40880, it'll attempt 41150.

On the other hand, the support levels for the Banknifty are 40460 and 40300 and thereafter 40050
 

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**Disclaimer:-I'm not a SEBI registered analyst. The chart is shared only for educational purposes.

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