BANKNIFTY Intraday Trade Setup For 4 Jan 2023
Bullish-Above 47800
Invalid- Below 47690
T- 48178 48510
Bearish-Below 47550
Invalid-Above 47660
T- 47260 46900
BANKNIFTY has closed almost on a flat note with a minor cut of 0.12%. Sell triggered below 47680 which ended near cost EOD. There was a sharp bounce from round level 47500. So bulls will give up below 47500 and may invite bears to take charge again. It has formed a Pinbar candle which indicates a bullish sign so above today's high there can be good bullish move. Probability of a BANKNIFTY bottoming out from 47400 zone is high.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 47800 then we will long for the target of 48178 and 48510.
For selling we need a 15 Min candle close below 47550. T- 47259 and 46900.
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 47800
Invalid- Below 47690
T- 48178 48510
Bearish-Below 47550
Invalid-Above 47660
T- 47260 46900
BANKNIFTY has closed almost on a flat note with a minor cut of 0.12%. Sell triggered below 47680 which ended near cost EOD. There was a sharp bounce from round level 47500. So bulls will give up below 47500 and may invite bears to take charge again. It has formed a Pinbar candle which indicates a bullish sign so above today's high there can be good bullish move. Probability of a BANKNIFTY bottoming out from 47400 zone is high.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 47800 then we will long for the target of 48178 and 48510.
For selling we need a 15 Min candle close below 47550. T- 47259 and 46900.
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.
