BANKNIFTY has closed on a slight bullish note with 0.25% gain. It opened with slight gap down and recovered in the 1st 15 Min and then it as sideways to extreme. Yesterday itself we discussed that one should keep non-directional approach as it looks more of a sideways than parabolic. 54250 an 53790 are intra levels for tomorrow.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 54250 then we will long for the target of 54765.
For selling we need a 15 Min candle close below 53780. T- 53370.
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.