BANKNIFTY Intraday Trade Setup For 12 Jan 2024
BANKNIFTY Intraday Trade Setup For 12 Jan 2024
Bullish-Above 47670
Invalid-Below 47560
T- 47960 48265
Bearish-Below 47230
Invalid- Above 47340
T- 46900 46580
BANKNIFTY has closed closed on a flat note with a minor gain of 0.16% today. It was range bound market the whole day except 2 PM fall and recovery. It has formed a spinning top candle which caters a indecision sentiment. Looks like bears will try to close the week in their favor to cater bearish weekly sentiment. They will get into action below 47230. In case today's low is safe and it breaks 47670 then chances of a bullish move. Best will work on a flat opening or opening between 47665-47235.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 47670 then we will long for the target of 47960 and 48265.
For selling we need a 15 min candle close below 47230. T- 46900 and 46580.
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 47670
Invalid-Below 47560
T- 47960 48265
Bearish-Below 47230
Invalid- Above 47340
T- 46900 46580
BANKNIFTY has closed closed on a flat note with a minor gain of 0.16% today. It was range bound market the whole day except 2 PM fall and recovery. It has formed a spinning top candle which caters a indecision sentiment. Looks like bears will try to close the week in their favor to cater bearish weekly sentiment. They will get into action below 47230. In case today's low is safe and it breaks 47670 then chances of a bullish move. Best will work on a flat opening or opening between 47665-47235.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 47670 then we will long for the target of 47960 and 48265.
For selling we need a 15 min candle close below 47230. T- 46900 and 46580.
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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