BANKNIFTY Intraday Trade Setup For 31 Jan 2024
Bullish-Above 45680
Invalid-Above 45570
T- 46155 46650
Bearish-below 45200
Invalid-Above 45310
T- 44690 44250
BANKNIFTY has closed on a slight bearish note with 0.16% cut. It was complete sideways market within previous day's range. Nothing triggered as per trade setup. It has formed a spinning top candle in daily TF which can trigger a good down move below 45200. Below 45200 it may test hourly support zone 44400. Also it has formed a range between 45700 and 45200. So above 45700 then can be a good up move. Probability of a down side trigger looks high.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 45680 then we will long for the target of 4615 and 46650.
For selling we need a 15 Min candle close below 45200. T- 444690 and 44250.
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 45680
Invalid-Above 45570
T- 46155 46650
Bearish-below 45200
Invalid-Above 45310
T- 44690 44250
BANKNIFTY has closed on a slight bearish note with 0.16% cut. It was complete sideways market within previous day's range. Nothing triggered as per trade setup. It has formed a spinning top candle in daily TF which can trigger a good down move below 45200. Below 45200 it may test hourly support zone 44400. Also it has formed a range between 45700 and 45200. So above 45700 then can be a good up move. Probability of a down side trigger looks high.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 45680 then we will long for the target of 4615 and 46650.
For selling we need a 15 Min candle close below 45200. T- 444690 and 44250.
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.
