BANKNIFTY Intraday Trade Setup For 3 May 2024
bullish- Above 49550
Invalid-Below 49440
T- 50075 50685
Bearish-Below 49100
Invalid-Above 49210
T- 48550 48050
BANKNIFTY has closed with a slight cut of 0.34% today. It did not give the pullback move expected as our main criteria was that Tuesday's low should have been safe as discussed on Tuesday EOD. As index gave a breakout of ATH few days back so bulls may try to close at ATH levels, so 49550 will play an important swing to initiate a bullish move. Below 49110 index will dive towards plotted 0.618 half bat.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 49550 then we will long for the target of 50075 and 50685.
For selling we need a 15 Min candle close below 49100. T- 48550 and 48050.
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 49550
Invalid-Below 49440
T- 50075 50685
Bearish-Below 49100
Invalid-Above 49210
T- 48550 48050
BANKNIFTY has closed with a slight cut of 0.34% today. It did not give the pullback move expected as our main criteria was that Tuesday's low should have been safe as discussed on Tuesday EOD. As index gave a breakout of ATH few days back so bulls may try to close at ATH levels, so 49550 will play an important swing to initiate a bullish move. Below 49110 index will dive towards plotted 0.618 half bat.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 49550 then we will long for the target of 50075 and 50685.
For selling we need a 15 Min candle close below 49100. T- 48550 and 48050.
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.
