BANKNIFTY Intraday Trade Setup For 23 Jan 2024
Bullish-Above 46250
Invalid-Below 46140
T- 46915 47550
Bearish-below 45430
Invalid-Above 45540
T- 44750 44180
BANKNIFTY has closed on a bearish note with 3.46% cut last week but on a positive note last trading session. 45400 is an important support in daily TF below this new bearish impulsive move will be triggered. 46250 looks an important hourly resistance above this there can be a bullish move but I doubt weather it can sustain for 1-2 days. 46915-50 can act as a strong intraday supply zone. One can look for a bearish reversal price structure above 46915 for a short following current trend. 46250 and 45430 are important levels for tomorrow's session.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 46250 then we will long for the target of 46915 and 47550.
For selling we need a 15 Min candle close below 45430. T- 44750 and 44180.
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 46250
Invalid-Below 46140
T- 46915 47550
Bearish-below 45430
Invalid-Above 45540
T- 44750 44180
BANKNIFTY has closed on a bearish note with 3.46% cut last week but on a positive note last trading session. 45400 is an important support in daily TF below this new bearish impulsive move will be triggered. 46250 looks an important hourly resistance above this there can be a bullish move but I doubt weather it can sustain for 1-2 days. 46915-50 can act as a strong intraday supply zone. One can look for a bearish reversal price structure above 46915 for a short following current trend. 46250 and 45430 are important levels for tomorrow's session.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 46250 then we will long for the target of 46915 and 47550.
For selling we need a 15 Min candle close below 45430. T- 44750 and 44180.
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.
