BANKNIFTY Weekly Outlook | Intraday Trade Setup For 24 Sep 2023
BANKNIFTY Intraday Trade Setup For 24 Sep 2023
Bullish-Above 44790
Invalid-Below 44680
T- 45050 45385
Bearish-Below 44540
Invalid-Above 44650
T- 44270 44000
BANKNIFTY has closed on a complete bearish note last week with 3.5% cut. It has formed a double top structure in daily TF although breakout of the neckline (43600) will be the validation. Currently it is near 0.618 in daily TF so 44500 zone is going to be a base from where it can give retracement of the fall from 46310, while 45k is the reversal point. After a pullback if it breaks the low created say near 44500 zone we can plan a positional short.
As of now it can go sideways after a parabolic move.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 44790 post rejection then we will buy. T- 45050 and 43385.
For selling we need a 15 Min candle close below 44540. T- 44270 and 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.
Bullish-Above 44790
Invalid-Below 44680
T- 45050 45385
Bearish-Below 44540
Invalid-Above 44650
T- 44270 44000
BANKNIFTY has closed on a complete bearish note last week with 3.5% cut. It has formed a double top structure in daily TF although breakout of the neckline (43600) will be the validation. Currently it is near 0.618 in daily TF so 44500 zone is going to be a base from where it can give retracement of the fall from 46310, while 45k is the reversal point. After a pullback if it breaks the low created say near 44500 zone we can plan a positional short.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 44790 post rejection then we will buy. T- 45050 and 43385.
For selling we need a 15 Min candle close below 44540. T- 44270 and 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.
