BANKNIFTY Intraday Trade Setup For 07 Feb 2024
BANKNIFTY Intraday Trade Setup For 07 Feb 2024
Bullish-Above 46050
Invalid-Below 45940
T- 46710 47420
Bearish-Below 45520
Invalid-Above 45630
T- 44915 44350
BANKNIFTY has closed on a slight bearish note with 0.29% cut today. Sell level as per trade setup was tested multiple times but could not sustain below 45600. Index has contracted very tightly since last 2 days. It was another rangebound day. Tomorrow is expiry and after some consolidation till 12 PM between 46050 and 45500 if range breaks then we can expect some good trendy move with momentum.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 46050 then we will long for the target of 46710 and 47420.
For selling we need a 15 Min candle close below 45520. T- 44915 and 44350.
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 46050
Invalid-Below 45940
T- 46710 47420
Bearish-Below 45520
Invalid-Above 45630
T- 44915 44350
BANKNIFTY has closed on a slight bearish note with 0.29% cut today. Sell level as per trade setup was tested multiple times but could not sustain below 45600. Index has contracted very tightly since last 2 days. It was another rangebound day. Tomorrow is expiry and after some consolidation till 12 PM between 46050 and 45500 if range breaks then we can expect some good trendy move with momentum.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 46050 then we will long for the target of 46710 and 47420.
For selling we need a 15 Min candle close below 45520. T- 44915 and 44350.
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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