BANKNIFTY Intraday Trade Setup For 17 May 2024
BANKNIFTY Intraday Trade Setup For 17 May 2024
Bullish- Above 48070
Invalid-Below 47960
T- 48665
Buy_2- From 47650
Invalid- Below 47540
T- 48100+
BANKNIFTY has closed on a bullish note with 0.61% gain today. It was just too volatile the whole day. Twice it got sold into with a deep pullback. Index gave a sharp recovery and closed near day high. It has formed a Pin-bar candle in daily TF, above today's high we can expect good up move towards 48665. Index may find intra support near 47650 zone. We will maintain bullish view tomorrow but with TSL in 5 MIN TF.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 48070 then we will long for the target of 48665.
2nd buy can be done from 47650 zone. T- 48100+.
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- 48665
Buy_2- From 47650
Invalid- Below 47540
T- 48100+
BANKNIFTY has closed on a bullish note with 0.61% gain today. It was just too volatile the whole day. Twice it got sold into with a deep pullback. Index gave a sharp recovery and closed near day high. It has formed a Pin-bar candle in daily TF, above today's high we can expect good up move towards 48665. Index may find intra support near 47650 zone. We will maintain bullish view tomorrow but with TSL in 5 MIN TF.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 48070 then we will long for the target of 48665.
2nd buy can be done from 47650 zone. T- 48100+.
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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