BANKNIFTY Intraday Trade Setup For 08 Feb 2024
Bullish-Above 46070
Invalid-Below 45960
T- 46710 47420
Bearish-Below 45520
Invalid-Above 45630
T- 44915 44350
BANKNIFTY has closed on a with a slight gain of 0.28% gain today. It was another complete sideways day making it 3rd consecutive complete non-directional day with absolutely dead momentum in intraday. Nothing triggered as per trade setup today. The possible reason of momentum being contracted seems to be historic after as it generally happens in the form of IV crash/ VIX crash after a big event. Tomorrow is RBI policy so it hopefully it triggers a directional move.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 46070 then we will long for the target of 46710 and 47420.
For selling we need a 15 Min candle close below 45520. T- 44915 and 44350.
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 46070
Invalid-Below 45960
T- 46710 47420
Bearish-Below 45520
Invalid-Above 45630
T- 44915 44350
BANKNIFTY has closed on a with a slight gain of 0.28% gain today. It was another complete sideways day making it 3rd consecutive complete non-directional day with absolutely dead momentum in intraday. Nothing triggered as per trade setup today. The possible reason of momentum being contracted seems to be historic after as it generally happens in the form of IV crash/ VIX crash after a big event. Tomorrow is RBI policy so it hopefully it triggers a directional move.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 46070 then we will long for the target of 46710 and 47420.
For selling we need a 15 Min candle close below 45520. T- 44915 and 44350.
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.
