BANKNIFTY Intraday Trade Setup For 27 Mar 2024

NSE:BANKNIFTY   Nifty Bank Index
BANKNIFTY Intraday Trade Setup For 27 Mar 2024

Bullish-Above 46800
Invalid-Below 46690
T- 47250

Bearish-Below 46500
Invalid-Above 46610
T- 46050

BANKNIFTY has closed on a bearish note with 0.56% cut today. All this cut was contributed due to sustained gap down opening. It was a complete option seller's day as it traded within 250 points the whole day. Tomorrow above 46800 there can a short covering move as it has formed a long wick rejection candle in daily TF, only place where it can stuck is previous day closing price. Below 46500 we will plan a short trade and it will activate move towards 46050.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 46800 then we will long for the target of 47250.

For selling we need a 15 Min candle close below 46500. T- 46050.

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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