NSE: Banknifty Intraday Chart 05-05-20

Day started with a gap up and moved between demand and supply zone created yesterday. Lot of swing moves on both sides. Finally post noon, BNF saw deep selling which pushed prices below PDL and intraday low.

Held on to first short trend trade, target was test of PDL but prices moved up deeply, eroding virtual profit. Last long trade kept close trailing SL and was taken out and price ran in my direction. We were approaching supply zone and did not want to take excessive risk. In the downmove post noon, it was fast, my short entry setups did not get filled. Price did not give setups to enter after that and i dont chase prices.

  1. Short trend trade – CPB entry.
  2. Long scalp trade – CPB entry.
  3. Long trend trade -CPB entry on failure to break PDL. trailing SL hit above IRL.

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