BANKNIFTY Intraday Trade Setup For 18 Mar 2024
BANKNIFTY Intraday Trade Setup For 18 Mar 2024
Bullish-Above 46810
Invalid-Below 46700
T- 47375 47855
Bearish-Below 46300
Invalid-Above 46410
T- 45750 45220
BANKNIFTY has closed on a bearish note last week with 2.6% cut last week. Index is at 50 EMA in daily TF. If at all index has to take support from this zone then we will wait for a bullish price structure atleast in hourly TF while it has to regain 47000 to gain bullishness. Below 46300 index may give a sharp downside as it hourly trendline support. 45660 is another big level for a larger slide.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 46810 then we will long for the target of 47375 and 47855.
For selling we need a 15 Min candle close below 46300. T- 45750 and 45220.
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.
Bullish-Above 46810
Invalid-Below 46700
T- 47375 47855
Bearish-Below 46300
Invalid-Above 46410
T- 45750 45220
BANKNIFTY has closed on a bearish note last week with 2.6% cut last week. Index is at 50 EMA in daily TF. If at all index has to take support from this zone then we will wait for a bullish price structure atleast in hourly TF while it has to regain 47000 to gain bullishness. Below 46300 index may give a sharp downside as it hourly trendline support. 45660 is another big level for a larger slide.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 46810 then we will long for the target of 47375 and 47855.
For selling we need a 15 Min candle close below 46300. T- 45750 and 45220.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.