BANKNIFTY Intraday Trade Setup For 23 Nov 2023

BANKNIFTY Intraday Trade Setup For 23 Nov 2023

Bullish-Above 43515
Invalid-Below 43405
T- 43778 44031

Bearish-Below 43230
Invalid-Above 43340
T- 42948 42665

BANKNIFTY has closed on a bearish note with 0.55% cut today. Sell triggered as per trade setup below 43580 and gave a fantastic move till 43231.We already discussed yesterday that below 43660 bears will take charge so has happened. Tomorrow bearish move will continue below 43230 towards 42948. For a bullish move index has to make a bullish price structure above 43515, has to sustain.

Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 43515 then we will long for the target of 43778 and 44031.

For selling we need a 15 min candle close below 43230. T- 42948 42665.

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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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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