BANKNIFTY Intraday Trade Setup For 1 May 2024
Updated
BANKNIFTY Intraday Trade Setup For 1 May 2024
Sell_1- From 49700
Invalid-Above 49810
T- 49390
Sell_2- Below 49240
Invalid-Above 49350
T- 48650
BANKNIFTY has closed on a bearish note as day ended near day low. It has formed a shooting star just after the breakout so may not be of that use also day was closed flat closing basis. High chance of a bounce towards 49700 if today's low will be untouched tomorrow, same can act as intraday resistance. Below 22240 post bounce atleast 0.382 from 49975 we will short. Index may find a strong support near 48600-50 zone.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 49240 then we will short for the target of 48650.
2nd short will be planned from 49700 in case of a gap up. T- 49390
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.
Sell_1- From 49700
Invalid-Above 49810
T- 49390
Sell_2- Below 49240
Invalid-Above 49350
T- 48650
BANKNIFTY has closed on a bearish note as day ended near day low. It has formed a shooting star just after the breakout so may not be of that use also day was closed flat closing basis. High chance of a bounce towards 49700 if today's low will be untouched tomorrow, same can act as intraday resistance. Below 22240 post bounce atleast 0.382 from 49975 we will short. Index may find a strong support near 48600-50 zone.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 49240 then we will short for the target of 48650.
2nd short will be planned from 49700 in case of a gap up. T- 49390
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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BANKNIFTY Intraday Trade Setup For 2 May 2024Markets are closed tomorrow
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