BANKNIFTY Intraday Trade Setup For 19 Aug 2024
BANKNIFTY Intraday Trade Setup For 19 Aug 2024
Bullish-Above 50610
Invalid-Below 50500
T- 51175
Bearish-Below 50100
Invalid-Above 50210
T- 49650
BANKNIFTY has closed on a flat note last week. However it has formed double Pinbar candle in weekly TF indicating a potential bullish reversal above 50850. Index has been trading between 51800 and 49700 in daily since last 8 sessions. Breakout in the upside will be followed by 50 EMA breakout in daily TF. 50610 and 50110 will be intraday levels for tomorrow. Sell on rise approach to be halt till we get fakeout scenario now.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 50610 then we will long for the target of 51175.
For selling we need a 15 Min candle close below 50100. T- 49650.
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 50610
Invalid-Below 50500
T- 51175
Bearish-Below 50100
Invalid-Above 50210
T- 49650
BANKNIFTY has closed on a flat note last week. However it has formed double Pinbar candle in weekly TF indicating a potential bullish reversal above 50850. Index has been trading between 51800 and 49700 in daily since last 8 sessions. Breakout in the upside will be followed by 50 EMA breakout in daily TF. 50610 and 50110 will be intraday levels for tomorrow. Sell on rise approach to be halt till we get fakeout scenario now.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 50610 then we will long for the target of 51175.
For selling we need a 15 Min candle close below 50100. T- 49650.
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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