BANKNIFTY Intraday Trade Setup For 7 Aug 2024
BANKNIFTY Intraday Trade Setup For 7 Aug 2024
Bullish-Above 50260
Invalid-Below 50150
T- 50950
Bearish-Below 49650
Invalid-Above 49760
T- 48748
BANKNIFTY has closed on a bearish note once again and sell on rise approach worked well. Sell on rise means if there is a bounce then look for bearish reversal price structure in 5 Min TF to sell. It opened with a gap up directly near buy level.10 o'clock range broke downside below 50335 and fell till 49660. Tomorrow once again we will sell below 49650 on a flat opening. In case 50260 is broken in the upside then possibility of a short covering.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 50260 then we will long for the target of 50950.
For selling we need a 15 Min candle close below 49650. T- 48748.
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 50260
Invalid-Below 50150
T- 50950
Bearish-Below 49650
Invalid-Above 49760
T- 48748
BANKNIFTY has closed on a bearish note once again and sell on rise approach worked well. Sell on rise means if there is a bounce then look for bearish reversal price structure in 5 Min TF to sell. It opened with a gap up directly near buy level.10 o'clock range broke downside below 50335 and fell till 49660. Tomorrow once again we will sell below 49650 on a flat opening. In case 50260 is broken in the upside then possibility of a short covering.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 50260 then we will long for the target of 50950.
For selling we need a 15 Min candle close below 49650. T- 48748.
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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