BANKNIFTY Intraday Trade Setup For 29 Nov 2023

BANKNIFTY Intraday Trade Setup For 29 Nov 2023

Bullish-Above 43970
Invalid-Below 43860
T- 44235 44510

Bearish-Below 43800
Invalid-Above 43910
T- 43588 43330

BANKNIFTY has closed on a slight bullish note with 0.26% gain today. Buy triggered as per trade setup above 43810 and gave a small move till 43960. Momentum was really yuck. This dead momentum will continue for this week too. I have already reduced my position sizing for directional trades since last week you should do the same. Till the time Vix starts its journey towards 15, momentum will be dull. 43970 and 43800 are important levels for tomorrow's session.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 43970 then we will long for the target of 44235 and 44510.

For selling we need a 15 Min candle close below 43800. T- 43588 and 43330.

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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