BANKNIFTY Intraday Trade Setup For 05 Feb 2024
Sell_1- From 46550
Invalid-Above 46660
T- 46225 46000
Bearish-Below 45900
Invalid-Above 46010
T- 45360 44850
BANKNIFTY has closed on a bullish note last week with 2.46% gain. While it closed on a bearish note last day as 46600 is a resistance in daily TF. Breakout of the resistance will be said when a daily candle closes above 46600. Since it created a bearish sentiment last day it can be sell on rise opportunity in case it tests 46550 via gap up. 45300 will be an important intraday support zone as per 0.618 retracement in hourly TF.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle below 45900 then we will short for the target 45285-45300.
In case it opens gap up then we will short from 46550. T- 46225 and 46000.
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.
Sell_1- From 46550
Invalid-Above 46660
T- 46225 46000
Bearish-Below 45900
Invalid-Above 46010
T- 45360 44850
BANKNIFTY has closed on a bullish note last week with 2.46% gain. While it closed on a bearish note last day as 46600 is a resistance in daily TF. Breakout of the resistance will be said when a daily candle closes above 46600. Since it created a bearish sentiment last day it can be sell on rise opportunity in case it tests 46550 via gap up. 45300 will be an important intraday support zone as per 0.618 retracement in hourly TF.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle below 45900 then we will short for the target 45285-45300.
In case it opens gap up then we will short from 46550. T- 46225 and 46000.
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.
