BANKNIFTY Intraday Trade Setup For 4 Mar 2024
Bullish-Above 47450
Invalid-Below 47340
T- 47950 48450
Buy_2- From 46645
Invalid-Below 46535
T- 47000 47450
BANKNIFTY has closed on a slight bullish note with 1% gain last week. It has given a strong breakout candle on Friday , it is the 2nd attempt to cross 46600 CB. Index seems ready for a fresh ATH journey again. But as of now it is near a trendline resistance if drawn from ATH. So a pullback scenario looks high as per current positioning before the start of impulse. It can test 46645 zone and this can be a buying zone with a very small sl.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47450 then we will long for the target of 47950 and 48450.
2nd buying can be done from 46645. T- 47000 and 47450.
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 47450
Invalid-Below 47340
T- 47950 48450
Buy_2- From 46645
Invalid-Below 46535
T- 47000 47450
BANKNIFTY has closed on a slight bullish note with 1% gain last week. It has given a strong breakout candle on Friday , it is the 2nd attempt to cross 46600 CB. Index seems ready for a fresh ATH journey again. But as of now it is near a trendline resistance if drawn from ATH. So a pullback scenario looks high as per current positioning before the start of impulse. It can test 46645 zone and this can be a buying zone with a very small sl.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47450 then we will long for the target of 47950 and 48450.
2nd buying can be done from 46645. T- 47000 and 47450.
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.
