BANKINIFTY Intraday Trade Setup For 28 Mar 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKINIFTY Intraday Trade Setup For 28 Mar 2024

Bullish- Above 47000
Invalid- Below 46890
T- 47535

Bearish- Below 46500
Invalid- Above 46610
T- 46050

BANKINIFTY has closed on a bullish note with 0.4% gain today. Since last 4 trading session index has been absolute sideways within a very tight range of 500 points. Non - directional trading has no space in between. In fact I myself have survived with small scalps these last 4 days. Avoid directional trading between 47000 and 46500. Breakout of this range will bring a good directional move and initial move of 500 points can be expected. Our key levels for tomorrow are 47000 and 46500 however 46670 is an internal bearish trigger before 46500.

Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 47000 then we will long for the target of 47535.

For selling we need a 15 Min candle close below 46500. T - 46050

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.


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