BANKNIFTY Intraday Trade Setup For 8 May 2024
Sell_1- From 48750
Invalid-Above 48860
T- 48445
Sell_2- Below 48200
Invalid-Above 48310
T- 47630 47200
BANKNIFTY has closed on a bearish note with 1.25% cut today. Sell triggered as per trade setup below 48650 and almost hit 1st target 48200. BANKNIFTY seems to be falling in a parallel channel. Breakout will bring bulls back. Breakout of this channel and then above previous hourly/15 Min high will be confirmation breakout. Tomorrow if index opens flat then bets trade will be in sell side below 48200. There is a chance of gap up so 48750 will be a confluence level.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 48200 then we will short for the target of 47630 and 47200.
2nd short can be considered from 48750. To 48445.
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.
Sell_1- From 48750
Invalid-Above 48860
T- 48445
Sell_2- Below 48200
Invalid-Above 48310
T- 47630 47200
BANKNIFTY has closed on a bearish note with 1.25% cut today. Sell triggered as per trade setup below 48650 and almost hit 1st target 48200. BANKNIFTY seems to be falling in a parallel channel. Breakout will bring bulls back. Breakout of this channel and then above previous hourly/15 Min high will be confirmation breakout. Tomorrow if index opens flat then bets trade will be in sell side below 48200. There is a chance of gap up so 48750 will be a confluence level.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 48200 then we will short for the target of 47630 and 47200.
2nd short can be considered from 48750. To 48445.
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.
