BANKNIFTY Intraday Trade Setup For 15 Jan 2024
BANKNIFTY Intraday Trade Setup For 15 Jan 2024
Bullish-Above 47880
Invalid-Below 47770
T- 48315 48757
Bearish-Below 47600
Invalid-Below 47710
T- 47237 46900
BANKNIFTY has closed on a slight bearish note with almost 1% cut last week. It is lacking behind NIFTY as NIFTY is backed with IT pack and reliance. Since it is a bit slow so unlike NIFTY giving a breakout of a consolidation BANKNIFTY may take few more days to confirm a bullish price structure . In the this scenario index may give another lower low formation, means chances of a pullback and then taking out the previous swing high will confirm a bullish move. 47880 and 47600 are important levels for intraday.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47880 then we will long for the target of 48315 and 48757.
For selling we need a 15 Min candle close below 47600. T- 47237 and 46900.
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 47880
Invalid-Below 47770
T- 48315 48757
Bearish-Below 47600
Invalid-Below 47710
T- 47237 46900
BANKNIFTY has closed on a slight bearish note with almost 1% cut last week. It is lacking behind NIFTY as NIFTY is backed with IT pack and reliance. Since it is a bit slow so unlike NIFTY giving a breakout of a consolidation BANKNIFTY may take few more days to confirm a bullish price structure . In the this scenario index may give another lower low formation, means chances of a pullback and then taking out the previous swing high will confirm a bullish move. 47880 and 47600 are important levels for intraday.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47880 then we will long for the target of 48315 and 48757.
For selling we need a 15 Min candle close below 47600. T- 47237 and 46900.
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.