BANKNIFTY Intraday Trade Setup For 27 May 2024
Bullish-Above 49060
Invalid-Below 48950
T- 49635
Bearish-Below 48640
Invalid-Above 48750
T- 48200
BANKNIFTY has closed on a bullish note with 1.6% gain last week. Index looks ready for a fresh ATH. Index is still following the channel in daily TF, now the upper trendline of the channel has to be tested which will take index above 50k mark. If index sustains above today's high after 10 o'clock then once again there is a chance of trendy move on Monday. Below 48600 index may give a retracement of the 90 degree upmove from 47450.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 49060 then we will long for the target of 49650.
For selling we need a 15 Min candle close below 48640. T- 48200.
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.
Bullish-Above 49060
Invalid-Below 48950
T- 49635
Bearish-Below 48640
Invalid-Above 48750
T- 48200
BANKNIFTY has closed on a bullish note with 1.6% gain last week. Index looks ready for a fresh ATH. Index is still following the channel in daily TF, now the upper trendline of the channel has to be tested which will take index above 50k mark. If index sustains above today's high after 10 o'clock then once again there is a chance of trendy move on Monday. Below 48600 index may give a retracement of the 90 degree upmove from 47450.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 49060 then we will long for the target of 49650.
For selling we need a 15 Min candle close below 48640. T- 48200.
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.
==========
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.
