BANKNIFTY Intraday Trade Setup For 12 Jul 2024

BANKNIFTY Intraday Trade Setup For 12 Jul 2024

Bullish-Above 52410
Invalid-Below 52300
T- 52955

Bearish-Below 51740
Invalid-Above 51850
T- 51138

BANKNIFTY has closed on a slight bullish note with 0.16% gain today. It has formed a Pinbar candle in daily TF, which indicates that bulls took liquidity, it can be confirmed if today's high is sustained. Also in 15 MIN TF a falling channel can be seen which is also on verge of breakout. 52410 will be level to trade on breakout. 51740 is a major intra support, breakdown can trigger a good fall towards 51k zone.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 52410 then we will long for the target of 52955.

For selling we need a 15 Min candle close below 51740. T- 51138.

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.