BANKNIFTY Intraday Trade Setup For 7 Mar 2024
Bullish- Above 48180
Invalid-Below 48070
T- 48800 49430
Bearish-Below 47720
Invalid-Above 47830
T- 47140 46645
BANKNIFTY has closed on a bullish note with 0.81% gain today. Index has filled a major gap area today. This gap area/zone can act as a resistance now. After a rejection from this zone if index sustains above 48180-200 then the bullish move will continue. But first outlook seems to be a resistance zone. Below 47720 if index sustains then intraday sell off can be seen and gap area resistance will be validated by a bearish price structure.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48180 then we will long for the target of 48800 and 49430.
For selling we need a 15 Min candle close below 47730. T- 47140 and 46645.
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 48180
Invalid-Below 48070
T- 48800 49430
Bearish-Below 47720
Invalid-Above 47830
T- 47140 46645
BANKNIFTY has closed on a bullish note with 0.81% gain today. Index has filled a major gap area today. This gap area/zone can act as a resistance now. After a rejection from this zone if index sustains above 48180-200 then the bullish move will continue. But first outlook seems to be a resistance zone. Below 47720 if index sustains then intraday sell off can be seen and gap area resistance will be validated by a bearish price structure.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48180 then we will long for the target of 48800 and 49430.
For selling we need a 15 Min candle close below 47730. T- 47140 and 46645.
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.
