BANKNIFTY has closed on a bearish with 0.41% cut today. Index has closed below 50 EMA after after 18 days. Now below today's low 46250 there can be a strong downmove however key level is 46000. Tomorrow's best trade will be in short side below today's low, ideally on flat opening. We will change our bearish view to bullish if index regains 50 EMA in daily TF. Between 46750 and 46250 index will be sideways like seen today.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 46750 then we will long for the target of 47255.
For selling we need a 15 Min candle close below 46250. T- 45660 and 45140.
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.