BANKNIFTY Intraday Trade Setup For 23 Apr 2024
BANKNIFTY Intraday Trade Setup For 23 Apr 2024
Bullish-Above 48150
Invalid-Below 48040
T- 48665
Bearish-Below 47600
Invalid-Above 47710
T- 47090
BANKNIFTY has closed on a bullish note with 0.74% gain today. It opened with a big gap up and 10 o'clock range was to be used as per setup but index kept itself inside the range. 0.618 was respected so now we have got market structure levels as 48150 and 47600. Breakout of this range will give us the next directional move. Best scenario will be on flat opening. Above 48150 it will fill the gap created on 15 Apr.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 48150 then we will long for the target of 48665.
For selling we need a 15 Min candle close below 47600. T- 47090.
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 48150
Invalid-Below 48040
T- 48665
Bearish-Below 47600
Invalid-Above 47710
T- 47090
BANKNIFTY has closed on a bullish note with 0.74% gain today. It opened with a big gap up and 10 o'clock range was to be used as per setup but index kept itself inside the range. 0.618 was respected so now we have got market structure levels as 48150 and 47600. Breakout of this range will give us the next directional move. Best scenario will be on flat opening. Above 48150 it will fill the gap created on 15 Apr.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 48150 then we will long for the target of 48665.
For selling we need a 15 Min candle close below 47600. T- 47090.
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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