BANKNIFTY Intraday Trade Setup For 24 May 2024

BANKNIFTY Intraday Trade Setup For 24 May 2024

Bullish-Above 48850
Invalid-Below 48740
T- 49450

Buy_2- From - 48250
Invalid-Below 48140
T- 48800+

BANKNIFTY has closed on a bold bullish note with 2% gain today. After 2 weeks it was a clear trendy day. Tomorrow once again we can expect continuation above today's high. Best scenario will be on a flat opening a slight pullback before the breakout of 48850. In case there is a down move then 48250 will be a strong support (38.2%). We will consider a buy position from the same. Avoid bearish view till a bearish price action establishes in 15 Min TF.

Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 48850 then we will long for the target of 49450.

2nd buy can be considered from 48250. T- 48800+.

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.