BANKNIFTY Intraday Trade Setup For 15 May 2024
Bullish-Above 47950
Invalid-Below 47840
T- 48511 49050
Bearish-Below 47600
Invalid-Above 47710
T- 47000
BANKNIFTY has closed on a slight bullish note with 0.22% gain today. It was total consolidation day, index traded between 47900 and 47600 for the whole day. Nothing triggered as per trade setup today. It has regained 50 EMA in daily TF. In the weekend we discussed in detail about the possibility of halt or reversal of the downmove due to the confluence of the 50 EMA and an inverted hammer on it in daily TF. 48000 will be an important short covering level.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 47950 then we will long for the target of 48510.
For selling we need a 15 Min candle close below 47600. T- 47000.
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 47950
Invalid-Below 47840
T- 48511 49050
Bearish-Below 47600
Invalid-Above 47710
T- 47000
BANKNIFTY has closed on a slight bullish note with 0.22% gain today. It was total consolidation day, index traded between 47900 and 47600 for the whole day. Nothing triggered as per trade setup today. It has regained 50 EMA in daily TF. In the weekend we discussed in detail about the possibility of halt or reversal of the downmove due to the confluence of the 50 EMA and an inverted hammer on it in daily TF. 48000 will be an important short covering level.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 47950 then we will long for the target of 48510.
For selling we need a 15 Min candle close below 47600. T- 47000.
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.
