BANKNIFTY Intraday Trade Setup For 28 May 2024
BANKNIFTY Intraday Trade Setup For 28 May 2024
Bullish-Above 49700
Invalid-Below 49590
T- 50200
Bearish-Below 49050
Invalid-Above 49160
T- 48450
BANKNIFTY has closed with 0.63% gain today. Buy triggered above 49060 and hit our target perfectly (49688). Price took resistance exactly at our target and in the last 45 Min fell with full force but it seems like DIIs came and supported the market and observed the selling. Chances of a range bound market looks high between 49700 and 49000 tomorrow. Breakout of this zone may trigger a directional move.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 49700 then we will long for the target of 50200.
For selling we need a 15 Min candle close below 49050. T- 48450.
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 49700
Invalid-Below 49590
T- 50200
Bearish-Below 49050
Invalid-Above 49160
T- 48450
BANKNIFTY has closed with 0.63% gain today. Buy triggered above 49060 and hit our target perfectly (49688). Price took resistance exactly at our target and in the last 45 Min fell with full force but it seems like DIIs came and supported the market and observed the selling. Chances of a range bound market looks high between 49700 and 49000 tomorrow. Breakout of this zone may trigger a directional move.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 49700 then we will long for the target of 50200.
For selling we need a 15 Min candle close below 49050. T- 48450.
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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