BANKNIFTY Intraday Trade Setup For 1 Apr 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 1 Apr 2024

Bullish- Above 47450
Invalid-Below 47340
T- 47885 48315

Bearish-Below 46950
Invalid-Above 47060
T- 46500

BANKNIFTY has closed on a slight bullish note with 0.56% gain last week. Index is broadly trading in a rising parallel channel since 25 Jan Bottom. Breakout of this channel pattern will be above last swing high 46200 and below last swing low 46800 in daily TF. Index consolidated within a 500 points range between 21-27 Mar, breakout happened on 28 Mar and is on verge of CIP/Retest. So we will again trade bullish impulse above 47450. Incase index fails the range breakout then we will short below 46950 for initial range low as target.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47450 then we will long for the target of 47885 and 48315.

For selling we need a 15 Min candle close below 46950. T- 46500.

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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