BANKNIFTY Intraday Trade Setup For 01 Jan 2023
Bullish-Above 48390
Invalid-Below 48280
T- 48785 49185
Bearish-Below 48090
Invalid-Above 48200
T- 47710 47315
BANKNIFTY has closed on a bold bullish note last month with 8.57% gain. Its a very strong closing in weekly TF too. It has given a pullback move in the last 2 sessions. Breakout of this channel pattern will initiate an impulse. It has to sustain above 48400. However momentum will come above Friday's high. Expected move can be 500 points. 48090 is equally important for downside. 49185-200 and 47315 are important resistance and support zone.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 48390 then we will long for the target of 48785 and 49185.
For selling we need a 15 min candle close below 48090. T- 47710 and 47315.
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.
Happy New Year In Advance
Bullish-Above 48390
Invalid-Below 48280
T- 48785 49185
Bearish-Below 48090
Invalid-Above 48200
T- 47710 47315
BANKNIFTY has closed on a bold bullish note last month with 8.57% gain. Its a very strong closing in weekly TF too. It has given a pullback move in the last 2 sessions. Breakout of this channel pattern will initiate an impulse. It has to sustain above 48400. However momentum will come above Friday's high. Expected move can be 500 points. 48090 is equally important for downside. 49185-200 and 47315 are important resistance and support zone.
Coming to Monday's trade setup, if index opens flat and a 15 min candle closes above 48390 then we will long for the target of 48785 and 49185.
For selling we need a 15 min candle close below 48090. T- 47710 and 47315.
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.
Happy New Year In Advance
