BANKNIFTY Intraday Trade Setup For 16 Aug 2024
BANKNIFTY Intraday Trade Setup For 16 Aug 2024
Bullish-Above 49960
Invalid-Below 49850
T- 50415
Bearish-Below 49650
Invalid-Above 49760
T- 48900
BANKNIFTY has closed on a slight bearish note with 0.21% cut today. On Wednesday it was total sideways. Daily candle is more or less a spinning top, now weather it can spin the ongoing trend on the last day of the week is to be watched. If 50k is reclaimed then there is fair chance of a pullback/ up move. Below 49650 index will breakout hourly range and a big length fall will be on card.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 49960 then we will long for the target of 50415.
For selling we need a 15 Min candle close below 49650. T- 48900.
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 49960
Invalid-Below 49850
T- 50415
Bearish-Below 49650
Invalid-Above 49760
T- 48900
BANKNIFTY has closed on a slight bearish note with 0.21% cut today. On Wednesday it was total sideways. Daily candle is more or less a spinning top, now weather it can spin the ongoing trend on the last day of the week is to be watched. If 50k is reclaimed then there is fair chance of a pullback/ up move. Below 49650 index will breakout hourly range and a big length fall will be on card.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 49960 then we will long for the target of 50415.
For selling we need a 15 Min candle close below 49650. T- 48900.
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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