BANKNIFTY Intraday Trade Setup For 6 May 2024
Bullish-Above 49200
Invalid-Below 49090
T- 49725
Bearish-Below 48650
Invalid-Above 48760
T- 48100 47550
BANKNIFTY has closed with 1.5% gain last week, however both side moves were seen. Index has taken stiff resistance from psychological level 50k and corrected till previous hourly level 48700. Now possibility is high of a bounce from this CIP level. In that case 49200 will be confirmation. In rare case of a gap down opening I will personally wait for 10 o'clock range breakout in the upside. In case of opening above 48700 best trade will be in short side below 48650.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48200 then we will long for the target of 49725 and 50250.
For selling we need a 15 Min candle close below 48650. T- 48100 and 47550.
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 49200
Invalid-Below 49090
T- 49725
Bearish-Below 48650
Invalid-Above 48760
T- 48100 47550
BANKNIFTY has closed with 1.5% gain last week, however both side moves were seen. Index has taken stiff resistance from psychological level 50k and corrected till previous hourly level 48700. Now possibility is high of a bounce from this CIP level. In that case 49200 will be confirmation. In rare case of a gap down opening I will personally wait for 10 o'clock range breakout in the upside. In case of opening above 48700 best trade will be in short side below 48650.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48200 then we will long for the target of 49725 and 50250.
For selling we need a 15 Min candle close below 48650. T- 48100 and 47550.
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.
