BANKNIFTY Intraday Trade Setup For 29 Jan 2024
BANKNIFTY Intraday Trade Setup For 29 Jan 2024
Bullish-Above 45150
Invalid-Below 45040
T- 45780 46350
Bearish-Below 44400
Invalid-Above 44510
T- 43845 46220
BANKNIFTY has closed on a bearish note with 2.59% cut last week. After a good down move from ATH it has came down till a confluence level of gap area. 44400 is a base zone and and we have seen 2 bounces from this support zone. Now this bounce may be extended till further higher levels , near 44400. It has formed a Pinbar candle in daily TF so above 45150 this move towards 46400 zone can be triggered. But below 44400 this will continue the downtrend.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45150 then we will long for the target of 45780 and 46350.
For selling we need a 15 Min candle close below 44400. T- 43845 and 43221.
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 45150
Invalid-Below 45040
T- 45780 46350
Bearish-Below 44400
Invalid-Above 44510
T- 43845 46220
BANKNIFTY has closed on a bearish note with 2.59% cut last week. After a good down move from ATH it has came down till a confluence level of gap area. 44400 is a base zone and and we have seen 2 bounces from this support zone. Now this bounce may be extended till further higher levels , near 44400. It has formed a Pinbar candle in daily TF so above 45150 this move towards 46400 zone can be triggered. But below 44400 this will continue the downtrend.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 45150 then we will long for the target of 45780 and 46350.
For selling we need a 15 Min candle close below 44400. T- 43845 and 43221.
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.
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