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.
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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.
