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