BANKNIFTY Intraday Trade Setup For 5 Apr 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 5 Apr 2024

Bullish-Above 48260
Invalid- Below 48150
T- 48800 49150

Bearish-Below 47700
Invalid-Above 47810
T- 47350 46970

BANKNIFTY has closed on a positive note with 0.92% gain today. Both side moves were seen in today's session after a long time. We saw an increase in candle's size and which is due to Expiry and RBI Credit Policy tomorrow. Tomorrow there will be both side moves due to event. I will personally not trade tomorrow. 48800 and 47700 are major levels for tomorrow's session.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 48260 then we will long for the target of 48800 and 49150.

For selling we need a 15 Min candle close below 47700. T- 47350 and 46970.

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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