BANKNIFTY Intraday Trade Setup For 20 Feb 2024
Bullish-Above 46720
Invalid-Below 46610
T- 47270 47760
Bearish-Below 46300
Invalid-Above 46410
T- 45700 45190
BANKNIFTY has closed with a slight gain of 0.32% gain today. Nothing triggered as per trade setup and traded between 46700 and 46300 the whole day. It tested the our daily breakout level 46600 but once again did not close above that. It has formed a spinning top candle which again caters a indecisiveness at the resistance breakout level. Tomorrow above 46720 there can be good intraday up move. Below 46300 there can be down move but strict in trailing.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 46720 then we will long for the target of 47270.
For selling we need a 15 Min candle close below 46300. T- 45700 and 45190.
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 46720
Invalid-Below 46610
T- 47270 47760
Bearish-Below 46300
Invalid-Above 46410
T- 45700 45190
BANKNIFTY has closed with a slight gain of 0.32% gain today. Nothing triggered as per trade setup and traded between 46700 and 46300 the whole day. It tested the our daily breakout level 46600 but once again did not close above that. It has formed a spinning top candle which again caters a indecisiveness at the resistance breakout level. Tomorrow above 46720 there can be good intraday up move. Below 46300 there can be down move but strict in trailing.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 46720 then we will long for the target of 47270.
For selling we need a 15 Min candle close below 46300. T- 45700 and 45190.
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.
