BANKNIFTY Intraday Trade Setup For 12 Feb 2024
Bullish-Above 45730
Invalid-Below 45620
T- 46220 46710
Bearish-Below 45250
Invalid-Above 45360
T- 44800 44300
BANKNIFTY has closed with a slight cut of 0.73% last week. On Friday it closed on a positive note where it gave a sharp recover of 800+ points from Thursday low. It closed at 0.618% of one last leg pf fall so it can act as a resistance. In case 45250 is broken then this we will treat as it has taken resistance from half bat (0.618). In case it takes out 45730 and candle closes above that then the sentiment created on Friday will be carried forward.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45730 then we will long for the target of 46220 and 46710.
For selling we need a 15 Min candle close below 45250. T- 44800 and 44300.
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 45730
Invalid-Below 45620
T- 46220 46710
Bearish-Below 45250
Invalid-Above 45360
T- 44800 44300
BANKNIFTY has closed with a slight cut of 0.73% last week. On Friday it closed on a positive note where it gave a sharp recover of 800+ points from Thursday low. It closed at 0.618% of one last leg pf fall so it can act as a resistance. In case 45250 is broken then this we will treat as it has taken resistance from half bat (0.618). In case it takes out 45730 and candle closes above that then the sentiment created on Friday will be carried forward.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45730 then we will long for the target of 46220 and 46710.
For selling we need a 15 Min candle close below 45250. T- 44800 and 44300.
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.
