BANKNIFTY Intraday Trade Setup For 28 Aug 2024

BANKNIFTY Intraday Trade Setup For 28 Aug 2024

Bullish-Above 51410
Invalid-Below 51300
T- 51950+

Bearish-Below 50930
Invalid-Above 51040
T- 50390

BANKNIFTY has closed on a slight bullish note with 0.26% gain today. It has formed a Pinbar candle in daily TF. In the weekend we discussed that index looks sideways to bullish as it gave range breakout above 50800 last week. Since its a Pinbar candle in daily TF we can expect some bullish move above today's high tomorrow. For selling we need a key level and that seems to be 50930.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 51410 then we will long for the target of 51950+.

For selling we need a 15 Min candle close below 50930. T- 50390.

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.