BANKNIFTY Intraday Trade Setup For 9 Aug 2024
BANKNIFTY Intraday Trade Setup For 9 Aug 2024
Bullish-Above 50300
Invalid-Below 50190
T- 50900 51450
Bearish-Below 49650
Invalid-Above 49760
T- 48800
BANKNIFTY has closed on a bullish note with 0.75% gain today. It opened with 1% gap up, directly at buy level and got rejected. Overall it was sideways within 500 points range. It has formed a Pinbar candle in daily TF so above 50300 we can expect good bullish reversal move. However overall view is still sell on rise, but now near some confluence zones like PRZ and golden Fib zones.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 50300 then we will long for the target of 50900.
For selling we need a 15 Min candle close below 49650. T- 48750.
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 50300
Invalid-Below 50190
T- 50900 51450
Bearish-Below 49650
Invalid-Above 49760
T- 48800
BANKNIFTY has closed on a bullish note with 0.75% gain today. It opened with 1% gap up, directly at buy level and got rejected. Overall it was sideways within 500 points range. It has formed a Pinbar candle in daily TF so above 50300 we can expect good bullish reversal move. However overall view is still sell on rise, but now near some confluence zones like PRZ and golden Fib zones.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 50300 then we will long for the target of 50900.
For selling we need a 15 Min candle close below 49650. T- 48750.
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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