BANKNIFTY Intraday Trade Setup For 16 May 2024
Bullish-Above 47970
Invalid-Below 47860
T- 48510
Bearish-Below 47500
Invalid-Above 47610
T- 46950
BANKNIFTY has closed on a bearish note with 0.36% cut today. Since last 2 sessions index has stuck between 48000 and 47500. As per discussed analysis in the weekend we discussed the possibility of halt of the downtrend or reversal. Index has taken a halt which is common before reversal. We will trade on the range breakout of 48000 and 47500. Maintain neutral/sideways view between this range.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 47970 then we will long for the target of 48511.
For selling we need a 15 Min candle close below 47500. T- 46950.
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 47970
Invalid-Below 47860
T- 48510
Bearish-Below 47500
Invalid-Above 47610
T- 46950
BANKNIFTY has closed on a bearish note with 0.36% cut today. Since last 2 sessions index has stuck between 48000 and 47500. As per discussed analysis in the weekend we discussed the possibility of halt of the downtrend or reversal. Index has taken a halt which is common before reversal. We will trade on the range breakout of 48000 and 47500. Maintain neutral/sideways view between this range.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 47970 then we will long for the target of 48511.
For selling we need a 15 Min candle close below 47500. T- 46950.
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.
