BANKNIFTY Intraday Trade Setup For 21 Mar 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 21 Mar 2024

Bullish-Above 46750
Invalid-Below 46640
T- 47350

Bearish-Below 45800
Invalid-Above 45910
T- 45220

BANKNIFTY has closed with a minor cut of 0.16% today. The 50 EMA in daily TF has really become like a magnet which pulls BANKNIFTY closure whenever it inches away. Today sell triggered below 46250 but breakout candle was huge leading to void entry. It has once again formed a Pinbar in daily TF so above today's high bulls will try to close BANKNIFTY above 50 EMA again. However our key level for upside breakout is 46750 as per falling parallel channel.

Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 46750 then we will long for the target of 47350.

For selling we need a 15 Min candle close below 45800. T- 45220.

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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