BANKNIFTY Intraday Trade Setup For 6 Aug 2024
BANKNIFTY Intraday Trade Setup For 6 Aug 2024
Bullish-Above 50450
Invalid-Below 50340
T- 51170
Bearish-Below 49710
Invalid-Above 49820
T- 49050
BANKNIFTY has closed on a bold bearish note with 2.45% cut today. It opened with a big gap down due to global cues and 10 o'clock range was to be used. Range broke downside below 50340 and gave a one way move till 49720, 600 points gain with 170 points risk. Tomorrow once again we maintain sell on rise approach. We will confirm any bullish reversal only when it forms a bullish price structure in 15 Min and 1H TF.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 50450 then we will long for the target of 51170.
For selling we need a 15 Min candle close below 49710. T- 49055.
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 50450
Invalid-Below 50340
T- 51170
Bearish-Below 49710
Invalid-Above 49820
T- 49050
BANKNIFTY has closed on a bold bearish note with 2.45% cut today. It opened with a big gap down due to global cues and 10 o'clock range was to be used. Range broke downside below 50340 and gave a one way move till 49720, 600 points gain with 170 points risk. Tomorrow once again we maintain sell on rise approach. We will confirm any bullish reversal only when it forms a bullish price structure in 15 Min and 1H TF.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 50450 then we will long for the target of 51170.
For selling we need a 15 Min candle close below 49710. T- 49055.
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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