BANKNIFTY Intraday Trade Setup For 03 Jan 2023
Bullish-Above 48070
Invalid-Below 47960
T- 48510 48920
Bearish-Below 47680
Invalid-Above 47790
T- 47260 46900
BANKNIFTY has closed on bearish note with almost 1% cut today. On 28 Dec EOD it was discussed in the trade setup that index has formed a spinning top candle which can be a sign of bearish reversal below its low. Since then index is on correction mode. Next important support lies near 47100 zone. Coming to intraday it is bold bearish candle in daily TF so index has to sustain above 48070 which is the last line of defence (0.618). On a flat opening best trade will be in sell side below 47680.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48070 then we will long for the target of 48510 and 48920.
For selling we need a 15 Min candle close below 47680. T- 47259 and 46900.
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 48070
Invalid-Below 47960
T- 48510 48920
Bearish-Below 47680
Invalid-Above 47790
T- 47260 46900
BANKNIFTY has closed on bearish note with almost 1% cut today. On 28 Dec EOD it was discussed in the trade setup that index has formed a spinning top candle which can be a sign of bearish reversal below its low. Since then index is on correction mode. Next important support lies near 47100 zone. Coming to intraday it is bold bearish candle in daily TF so index has to sustain above 48070 which is the last line of defence (0.618). On a flat opening best trade will be in sell side below 47680.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48070 then we will long for the target of 48510 and 48920.
For selling we need a 15 Min candle close below 47680. T- 47259 and 46900.
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.
