BANKNIFTY Intraday Trade Setup For 01 Feb 2024
Bullish-Above 46180
Invalid-Below 46070
T- 47250 48182
Bearish-Below 45070
Invalid-Above 45180
T- 44000
BANKNIFTY has closed on a positive note with a 1.39% gain today. It opened flat and tested the sell level which was range low. It took support and buy triggered later above 45680 and hit 1st target very smoothly (45680-46179). Its a big event tomorrow and moves will be random and will be decided by announcement made by FM. I will personally avoid trading tomorrow and will suggest either not trade with very small position size.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 46180 then we will long for the target of 47250 and 48182.
For selling we need a 15 Min candle close below 45070. T- 44000.
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 46180
Invalid-Below 46070
T- 47250 48182
Bearish-Below 45070
Invalid-Above 45180
T- 44000
BANKNIFTY has closed on a positive note with a 1.39% gain today. It opened flat and tested the sell level which was range low. It took support and buy triggered later above 45680 and hit 1st target very smoothly (45680-46179). Its a big event tomorrow and moves will be random and will be decided by announcement made by FM. I will personally avoid trading tomorrow and will suggest either not trade with very small position size.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 46180 then we will long for the target of 47250 and 48182.
For selling we need a 15 Min candle close below 45070. T- 44000.
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.
