BANKNIFTY Intraday Trade Setup For 19 Feb 2024
Bullish-Above 46710
Invalid-Below 46600
T- 47270 47760
Bearish-Below 46250
Invalid-Above 46360
T- 45700
BANKNIFTY has closed on a bullish note last week with 1.64% gain. Looking at the weekly setup index looks ready for a bullish move, confirmation above last swing high 46900. Coming to daily TF index has failed to close above 46600, rejected 4 times. Now if a daily candle closes above 46600 then we will try to initiate a bullish trade. On Friday it formed a shooting star candle so below 46250 we can see some down move which can be the pullback before the daily TF breakout above 46600.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 46710 then we will long for the target of 47270 and 47760.
For selling we need a 15 Min candle close below 46250. T- 45700. A strong support can be found near 45650.
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 46710
Invalid-Below 46600
T- 47270 47760
Bearish-Below 46250
Invalid-Above 46360
T- 45700
BANKNIFTY has closed on a bullish note last week with 1.64% gain. Looking at the weekly setup index looks ready for a bullish move, confirmation above last swing high 46900. Coming to daily TF index has failed to close above 46600, rejected 4 times. Now if a daily candle closes above 46600 then we will try to initiate a bullish trade. On Friday it formed a shooting star candle so below 46250 we can see some down move which can be the pullback before the daily TF breakout above 46600.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 46710 then we will long for the target of 47270 and 47760.
For selling we need a 15 Min candle close below 46250. T- 45700. A strong support can be found near 45650.
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.
