BANKNIFTY Intraday Trade Setup For 15 Apr 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 15 Apr 2024

Bullish- Above 49060
Invalid-Below 48950
T- 49650

Bearish-Below 48450
Invalid- Above 48560
T- 47890

BANKNIFTY has closed on a bearish note last week as it has closed at week low and formed a shooting star candle in weekly TF. I consider only 2nd leg shooting star to trade and last week candle is that. Below 48470 it will be activated but I will personally plan positional short in the pullback near 48850 so that our risk will be small 49080. This will be executed on a bearish reversal price structure in 5 Min TF or else we will buy above 49060. Next week looks bearish.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 49060 then we will long for the target of 49650.

For selling we need a 15 Min candle close below 48450. T- 47890.

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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