BANKNIFTY Intraday Trade Setup For 9 Apr 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 9 Apr 2024

Bullish-Above 48730
Invalid-Below 48620
T- 49135

Bearish-Below 48400
Invalid-Above 48510
T- 48070

BANKNIFTY has closed on a slight bullish note with 0.18% gain today. It has formed a spinning top candle which is once again neutral and indecisive sign. We will plan a short trade below 48420 however bears will try to grip below 48500. Incase this trade goes in flow and tomorrow's daily candle is bold bearish then a bearish trend may start in the coming days. 48070 will be our 1st target and support of the day. Above 48730 we will long.

Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 48730 then we will long for the target of 49135.

For selling we need a 15 Min candle close below 48400. T- 48070.

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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