BANKNIFTY Intraday Trade Setup For 11 Mar 2024
Bullish-Above 48170
Invalid-Above 48060
T- 48800 49430
Bearish-Below 47730
Invalid-Above 47840
T- 47140 46645
BANKNIFTY has closed on a slight bearish note last week with 1.16% gain last week. Last week we saw a good grip of bulls in the initial 2 days and then some some sideways move. Index will give a bold bullish move once again above 48170 if crossed. Reason behind a bold bullish move is based on current market trend and bulls grip and a compression seen on last day. Trendline breakout will be early indication of impulse trigger.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48170 then we will long for the target of 48800 and 49430.
For selling we need a 15 Min candle close below 47730. T- 47140 and 46645.
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 48170
Invalid-Above 48060
T- 48800 49430
Bearish-Below 47730
Invalid-Above 47840
T- 47140 46645
BANKNIFTY has closed on a slight bearish note last week with 1.16% gain last week. Last week we saw a good grip of bulls in the initial 2 days and then some some sideways move. Index will give a bold bullish move once again above 48170 if crossed. Reason behind a bold bullish move is based on current market trend and bulls grip and a compression seen on last day. Trendline breakout will be early indication of impulse trigger.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48170 then we will long for the target of 48800 and 49430.
For selling we need a 15 Min candle close below 47730. T- 47140 and 46645.
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.
