BANKNIFTY Intraday Trade Setup For 16 Apr 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 16 Apr 2024

Sell_1- From 48260
Invalid-Above 48370
T- 48000 47750

Sell_2- Below 47700
Invalid-Above 47810
T- 47095

BANKNIFTY has closed on a complete bearish note with 1.63% cut today. We discussed in the weekend that index will be under bear's grip below 48400 (last week candle's low) as it was 2nd leg shooting star which I personally trade. But the funny thing is that it triggered with a big gap down. So one should wait for 48600 zone for taking the same into consideration. Tomorrow there is a possibility of a pullback of the down impulse.

Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes below 47700 then we will short for the target of 47095.

In case 48260 is tested via gap up move then we will short from there. T- 48000 and 47750.

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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