BANKNIFTY Intraday Trade Setup For 18 Jan 2024
Bullish-Above 48310
Invalid-Below48200
T- 48620 68950
Bearish-Below 48000
Invalid-Above 48110
T- 47700 47445
BANKNIFTY has closed almost on a flat note today. It has formed a shooting star candle in daily TF which indicates a bearish sentiment. If you can remember our weekend analysis where we discussed that index may give a pullback move before any fresh up move. Probability of a Higher Low is high. Index may test 474450 or 47500 zone as per half bat pattern. This pullback/down move will be triggered below 48000. Above 48310 there can be good up move.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48310 then we will long for the target of 48620 and 48950.
For selling we need a 15 Min candle close below 48000. T- 47700 and 47445.
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 48310
Invalid-Below48200
T- 48620 68950
Bearish-Below 48000
Invalid-Above 48110
T- 47700 47445
BANKNIFTY has closed almost on a flat note today. It has formed a shooting star candle in daily TF which indicates a bearish sentiment. If you can remember our weekend analysis where we discussed that index may give a pullback move before any fresh up move. Probability of a Higher Low is high. Index may test 474450 or 47500 zone as per half bat pattern. This pullback/down move will be triggered below 48000. Above 48310 there can be good up move.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48310 then we will long for the target of 48620 and 48950.
For selling we need a 15 Min candle close below 48000. T- 47700 and 47445.
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.
