BANKNIFTY Intraday Trade Setup For 29 Apr 2024

BANKNIFTY Intraday Trade Setup For 29 Apr 2024

Bullish-Above 48510
Invalid-Below 48400
T- 49070

Bearish-Below 48070
Invalid-Above 48180
T- 47550

BANKNIFTY has closed on a neutral note last week, formed a spinning top candle in weekly TF. Index is just following the rising parallel channel since Feb. Last swing low in hourly TF is 47737, below 47700 there can be a good selling. In the higher side 48680 is the high made so above 48700 fresh ATH move will be triggered.

Between this one needs to have non-directional approach. 48510 and 48070 are intraday levels for Monday.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48510 then we will long for the target of 49070.

For selling we need a 15 Min candle close below 48070. T- 47550.

In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.


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I am Not SEBI Registered

This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.

Trade active:

BANKNIFTY - Hourly TF Update
48700-49350+