BANKNIFTY Intraday Trade Setup For 8 Apr 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 8 Apr 2024

Bullish-Above 48570
Invalid-Below 48460
T- 49131

Bearish-Below 48200
Invalid-Below 48310
T- 47650

BANKNIFTY has closed on a bullish note with 2.9% gain today. Index is at striking distance to ATH and possibility of ATH breakout is high. Tomorrow will be an deciding day weather index gives a breakout of 48600 to establish a fresh uptrend. In case index opens flat/ gap down and will be unable to take out today's high, EOD makes a red candle then index will follow the same channel in daily TF. 48570 and 48200 are intraday levels to trade on breakout tomorrow.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48570 then we will long for the target of 49131.

For selling we need a 15 Min candle close below 48200. T- 47650.

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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