BANKNIFTY Intraday Trade Setup For 26 Aug 2024
BANKNIFTY Intraday Trade Setup For 26 Aug 2024
Bullish-Above 51120
Invalid-Below 51010
T- 51640
Bearish-Below 50850
Invalid-Above 50960
T- 50250
BANKNIFTY has closed on a mild positive note with less than 1% gain last week. Last 2 sessions were completely sideways inside 300 points range. 51120 and 50850 are key levels to watch out for breakout. Last week it gave a breakout of daily range breakout of 50700 and 49700 in the higher side. Consolidation after breakout done, now above 51120 index should start a rally of 1000 points. Below 50850 index may dive in intraday.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 51120 then we will long for the target of 51640.
For selling we need a 15 Min candle close below 50850. T- 50260.
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 51120
Invalid-Below 51010
T- 51640
Bearish-Below 50850
Invalid-Above 50960
T- 50250
BANKNIFTY has closed on a mild positive note with less than 1% gain last week. Last 2 sessions were completely sideways inside 300 points range. 51120 and 50850 are key levels to watch out for breakout. Last week it gave a breakout of daily range breakout of 50700 and 49700 in the higher side. Consolidation after breakout done, now above 51120 index should start a rally of 1000 points. Below 50850 index may dive in intraday.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 51120 then we will long for the target of 51640.
For selling we need a 15 Min candle close below 50850. T- 50260.
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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