BANKNIFTY Intraday Trade Setup For 20 May 2024
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BANKNIFTY Intraday Trade Setup For 20 May 2024
Bullish-Above 48300
Invalid-Below 48190
T- 48720 49165
Bearish-Below 48000
Invalid-Above 48110
T- 47450
BANKNIFTY has closed on a slight bullish note with 1.64% gain last week. Index is taking 5th bounce from channel's lower trendline in daily TF. As per this ongoing pattern index will test the upper trendline. One need to check previous lows in daily TF, break of any previous will trigger a downside structure which be somehow strong. Topping out signs needs to be spotted in monthly TF. I will treat index decline till it is below 50k and bullish above the same.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48300 then we will long for the target of 48720.
For selling we need a 15 Min candle close below 48000. T- 47450.
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 48300
Invalid-Below 48190
T- 48720 49165
Bearish-Below 48000
Invalid-Above 48110
T- 47450
BANKNIFTY has closed on a slight bullish note with 1.64% gain last week. Index is taking 5th bounce from channel's lower trendline in daily TF. As per this ongoing pattern index will test the upper trendline. One need to check previous lows in daily TF, break of any previous will trigger a downside structure which be somehow strong. Topping out signs needs to be spotted in monthly TF. I will treat index decline till it is below 50k and bullish above the same.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48300 then we will long for the target of 48720.
For selling we need a 15 Min candle close below 48000. T- 47450.
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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