BANKNIFTY Intraday Trade Setup For 18 Jan 2024
BANKNIFTY Intraday Trade Setup For 18 Jan 2024
Bullish-Above 48310
Invalid-Below48200
T- 48620 68950
Bearish-Below 48000
Invalid-Above 48110
T- 47700 47445
BANKNIFTY has closed almost on a flat note today. It has formed a shooting star candle in daily TF which indicates a bearish sentiment. If you can remember our weekend analysis where we discussed that index may give a pullback move before any fresh up move. Probability of a Higher Low is high. Index may test 474450 or 47500 zone as per half bat pattern. This pullback/down move will be triggered below 48000. Above 48310 there can be good up move.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48310 then we will long for the target of 48620 and 48950.
For selling we need a 15 Min candle close below 48000. T- 47700 and 47445.
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.
Bullish-Above 48310
Invalid-Below48200
T- 48620 68950
Bearish-Below 48000
Invalid-Above 48110
T- 47700 47445
BANKNIFTY has closed almost on a flat note today. It has formed a shooting star candle in daily TF which indicates a bearish sentiment. If you can remember our weekend analysis where we discussed that index may give a pullback move before any fresh up move. Probability of a Higher Low is high. Index may test 474450 or 47500 zone as per half bat pattern. This pullback/down move will be triggered below 48000. Above 48310 there can be good up move.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48310 then we will long for the target of 48620 and 48950.
For selling we need a 15 Min candle close below 48000. T- 47700 and 47445.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.