Omahto

BANKNIFTY Intraday Trade Setup For 20 Nov 2023

NSE:BANKNIFTY   NIFTY Bank Index
BANKNIFTY Intraday Trade Setup For 20 Nov 2023

Bullish-Above 43880
Invalid-Below 43770
T- 44250 44510

Bearish-Below 43510
Invalid-Above 43620
T- 43221 42975

BANKNIFTY has closed on a slight bearish note last week with almost 1% cut. 44450 is a very important level for a bullish move. Index is bearish till we get bullish price structure in hourly TF. If sustained below 43500 then we will see a good downside move. Next important confluence level is 43300 zone then 42970 will be approached. Above 43750 we will get a bullish signal for intraday however we will buy above 43880.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 43880 then we will long for the target of 44250 and 44510.

For selling we need a 15 min candle close below 43510. T- 43220 and 42975.

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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This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.

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