BANKNIFTY Intraday Trade Setup For 22 Jul 2024
BANKNIFTY Intraday Trade Setup For 22 Jul 2024
Bullish- Above 52820
Invalid-Below 52710
T- 53357
Bearish-Below 52130
Invalid-Above 52240
T- 51549
BANKNIFTY has closed on a flat note with bearish sentiment as it has formed a shooting star candle in weekly TF. Last week we picked the range of 52800 and 52100, whole week the range was intact. Also I discussed that we will maintain a non- directional approach. This simple outlook worked very well and paid us. After a week of sideways momentum, we can expect a breakout in the coming week. We will trade on breakout of 52800 and 52100 next week. This range is also valid in daily TF, closing basis will give us more confirmation for short term apart from Intraday.
Coming to Monday's trade setup, if index opens flat and a 15 MIN candle closes above 52820 then we will long for the target of 53357.
For selling we need a 15 MIN candle close below 52130. T- 51549.
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 52820
Invalid-Below 52710
T- 53357
Bearish-Below 52130
Invalid-Above 52240
T- 51549
BANKNIFTY has closed on a flat note with bearish sentiment as it has formed a shooting star candle in weekly TF. Last week we picked the range of 52800 and 52100, whole week the range was intact. Also I discussed that we will maintain a non- directional approach. This simple outlook worked very well and paid us. After a week of sideways momentum, we can expect a breakout in the coming week. We will trade on breakout of 52800 and 52100 next week. This range is also valid in daily TF, closing basis will give us more confirmation for short term apart from Intraday.
Coming to Monday's trade setup, if index opens flat and a 15 MIN candle closes above 52820 then we will long for the target of 53357.
For selling we need a 15 MIN candle close below 52130. T- 51549.
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.