Bank Nifty
Date 10.08.2024
Bank nifty intraday working for 12 Aug 2024
Time frame : 15 mins
Remarks :
1 Starting from lower end, 50300 is important support, below that no catching of falling knife for those who wants to trade only on long position side. Allow index to resume & sustain above 50300 area.
2 50700 is weekly resistance after gap down from last week, therefore any breakout or strong gap up wait to fill that gap till 51200 & can enter for small retracement with trailing stop.
3 Strong weekly support trendline is also highlighted, if price re-test the trendline then kindly wait for candle (a strong price action such as pin bar or long range green candle) to close as confirmation & enter for long side.
If breaks down with long range candle below the weekly support trendline then keep high of that candle as stoploss & enter short trade with trailing stoploss.
4 50450 is acing as equilibrium as intraday area/level/band between 50300 & 50750.
Any exit either side from 50450, trade in small quantity in that direction for small targets.
* all levels are rounded off
Regards,
Ankur
Bank nifty intraday working for 12 Aug 2024
Time frame : 15 mins
Remarks :
1 Starting from lower end, 50300 is important support, below that no catching of falling knife for those who wants to trade only on long position side. Allow index to resume & sustain above 50300 area.
2 50700 is weekly resistance after gap down from last week, therefore any breakout or strong gap up wait to fill that gap till 51200 & can enter for small retracement with trailing stop.
3 Strong weekly support trendline is also highlighted, if price re-test the trendline then kindly wait for candle (a strong price action such as pin bar or long range green candle) to close as confirmation & enter for long side.
If breaks down with long range candle below the weekly support trendline then keep high of that candle as stoploss & enter short trade with trailing stoploss.
4 50450 is acing as equilibrium as intraday area/level/band between 50300 & 50750.
Any exit either side from 50450, trade in small quantity in that direction for small targets.
* all levels are rounded off
Regards,
Ankur
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