BANKNIFTY Intraday Trade Setup For 05 Jan 2023
BANKNIFTY Intraday Trade Setup For 05 Jan 2023
Bullish-Above 48290
Invalid-Below 48180
T- 48589 48920
Bearish-Below 47940
Invalid-Above 48050
T- 47620 47259
BANKNIFTY has closed on a bullish note with more than 1% gain today. Buy triggered as per trade setup above 47800 and hit first target very smoothly. Trade gave more than 400 points gain. Momentum was quite strong which tells that the current trend is in buyers hand, just check the last 2 days momentum in the downside. Tomorrow once again there can be good bullish move above 48290. For a bearish action it has to sustain below 47940.
Coming to Friday's trade setup, if index opens flat and a 15 min candle closes above 48290 then we will long for the target of 48590 and 48920.
For selling we need a 15 Min candle close below 47940. T- 47620 and 47260.
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 48290
Invalid-Below 48180
T- 48589 48920
Bearish-Below 47940
Invalid-Above 48050
T- 47620 47259
BANKNIFTY has closed on a bullish note with more than 1% gain today. Buy triggered as per trade setup above 47800 and hit first target very smoothly. Trade gave more than 400 points gain. Momentum was quite strong which tells that the current trend is in buyers hand, just check the last 2 days momentum in the downside. Tomorrow once again there can be good bullish move above 48290. For a bearish action it has to sustain below 47940.
Coming to Friday's trade setup, if index opens flat and a 15 min candle closes above 48290 then we will long for the target of 48590 and 48920.
For selling we need a 15 Min candle close below 47940. T- 47620 and 47260.
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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