BANKNIFTY Intraday Trade Setup For 7 May 2024
BANKNIFTY Intraday Trade Setup For 7 May 2024
Bullish-Above 49260
Invalid-Below 49150
T- 49735
Bearish-Below 48650
Invalid-Above 48760
T- 48145 47650
BANKNIFTY has closed on a flat note today. In the weekend half bat was plotted near 49200 and it gave a pullback till PRZ via gap up and respected that. It traded between yesterday's range and formed an inside candle. Below 48650 high possibility of a good slide in intraday is high. The plotted trendline will be an alert for us for a bullish trigger on breakout. However 49260 will be plan of action level, confirmation.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 49260 then we will long for the target of 49735.
For selling we need a 15 Min candle close below 48650. T- 48145 and 47650.
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 49260
Invalid-Below 49150
T- 49735
Bearish-Below 48650
Invalid-Above 48760
T- 48145 47650
BANKNIFTY has closed on a flat note today. In the weekend half bat was plotted near 49200 and it gave a pullback till PRZ via gap up and respected that. It traded between yesterday's range and formed an inside candle. Below 48650 high possibility of a good slide in intraday is high. The plotted trendline will be an alert for us for a bullish trigger on breakout. However 49260 will be plan of action level, confirmation.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 49260 then we will long for the target of 49735.
For selling we need a 15 Min candle close below 48650. T- 48145 and 47650.
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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