BANKNIFTY Intraday Trade Setup For 14 May 2024
Bullish-Above 47850
Invalid-Below 47740
T- 48480
Bearish-Below 47200
Invalid-Above 47310
T- 46650
BANKNIFTY has closed on a bullish note with 0.74% gain today. Index respected the lower trendline support of the channel pattern it is following. In the weekend also we discussed that there is a possibility of halt or reversal due the confluence of the 50 EMA and an inverted hammer over that. Possibility of gap up looks high tomorrow. Incase it opens directly near 48500 ,it can be sold into. Best trade will be in long side above 47850.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 47850 then we will long for the target of 48480.
For selling we need a 15 Min candle close below 47200. T- 46650.
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 47850
Invalid-Below 47740
T- 48480
Bearish-Below 47200
Invalid-Above 47310
T- 46650
BANKNIFTY has closed on a bullish note with 0.74% gain today. Index respected the lower trendline support of the channel pattern it is following. In the weekend also we discussed that there is a possibility of halt or reversal due the confluence of the 50 EMA and an inverted hammer over that. Possibility of gap up looks high tomorrow. Incase it opens directly near 48500 ,it can be sold into. Best trade will be in long side above 47850.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 47850 then we will long for the target of 48480.
For selling we need a 15 Min candle close below 47200. T- 46650.
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.
