BANKNIFTY Intraday Trade Setup For 26 Feb 2024
Bullish-Above 47260
Invalid-Below 47150
T- 47850 48420
Bearish-Below 46710
Invalid-Above 46820
T- 46165 45640
BANKNIFTY has closed with a very slight gain of 0.92% gain last week. Index gave a breakout of 46600 in daily TF on 20 Feb which will be still valid till 46300 is safe. However 46400 is the last swing low so below this we will get an early sign of reversal. The plotted trendline has been valid since 21 Feb, it was respected even on Friday. Now on breakout of this trendline index will give a bullish move, confirmation above 47250.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47260 then we will long for the target of 47850 and 48420.
For selling we need a 15 Min candle close below 46710. T- 46165 and 45640.
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 47260
Invalid-Below 47150
T- 47850 48420
Bearish-Below 46710
Invalid-Above 46820
T- 46165 45640
BANKNIFTY has closed with a very slight gain of 0.92% gain last week. Index gave a breakout of 46600 in daily TF on 20 Feb which will be still valid till 46300 is safe. However 46400 is the last swing low so below this we will get an early sign of reversal. The plotted trendline has been valid since 21 Feb, it was respected even on Friday. Now on breakout of this trendline index will give a bullish move, confirmation above 47250.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47260 then we will long for the target of 47850 and 48420.
For selling we need a 15 Min candle close below 46710. T- 46165 and 45640.
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.
