BANKNIFTY Intraday Trade Setup For 17 Jun 2024
BANKNIFTY Intraday Trade Setup For 17 Jun 2024
Bullish-Above 50260
Invalid-Below 50150
T- 50750
Bearish-Below 49690
Invalid-Above 49800
T- 49200
BANKNIFTY has closed on with a slight gain of 0.41% gain last week. We already discussed that probability of an inside candle is very high last week, inside candle represents contraction. Next week 49500 looks an important level for a downside trigger in short term. Below 49500 index may start a bearish journey in daily TF. Index has formed a stiff ceiling @ 50250 so above this we may witness a bullish breakout move.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 50260 then we will long for the target of 50750.
For selling we need a 15 Min candle close below 49690. T- 49200.
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- 50750
Bearish-Below 49690
Invalid-Above 49800
T- 49200
BANKNIFTY has closed on with a slight gain of 0.41% gain last week. We already discussed that probability of an inside candle is very high last week, inside candle represents contraction. Next week 49500 looks an important level for a downside trigger in short term. Below 49500 index may start a bearish journey in daily TF. Index has formed a stiff ceiling @ 50250 so above this we may witness a bullish breakout move.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 50260 then we will long for the target of 50750.
For selling we need a 15 Min candle close below 49690. T- 49200.
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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