BANKNIFTY Intraday Trade Setup For 13 May 2024
BANKNIFTY Intraday Trade Setup For 13 May 2024
Bullish-Above 47800
Invalid-Below 47690
T- 48400
Bearish-Below 47300
Invalid-Above 47410
T- 46737 46090
BANKNIFTY has closed on a bold bearish note with 3% cut last week. In the last weekend we discussed that despite it closed with 1.5% gain there is a selling pressure from higher levels. Index is overall sell on rise till it regains previous weekly high. In daily TF index has reached 50 EMA zone and formed an inverted hammer which indicates a potential halt or reversal. To reverse it has to make a bullish price structure in hourly and daily TF.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47800 then we will long for the target of 48400.
For selling we need a 15 Min candle close below 47300. T- 46737 and 46090.
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 47800
Invalid-Below 47690
T- 48400
Bearish-Below 47300
Invalid-Above 47410
T- 46737 46090
BANKNIFTY has closed on a bold bearish note with 3% cut last week. In the last weekend we discussed that despite it closed with 1.5% gain there is a selling pressure from higher levels. Index is overall sell on rise till it regains previous weekly high. In daily TF index has reached 50 EMA zone and formed an inverted hammer which indicates a potential halt or reversal. To reverse it has to make a bullish price structure in hourly and daily TF.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47800 then we will long for the target of 48400.
For selling we need a 15 Min candle close below 47300. T- 46737 and 46090.
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.