BANKNIFTY Intraday Trade Setup For 9 May 2024
BANKNIFTY Intraday Trade Setup For 9 May 2024
Bullish-Above 48250
Invalid-Below 48140
T- 48750
Bearish-Below 47850
Invalid-Above 47960
T- 47200
BANKNIFTY has closed on a bearish note once again with 0.55% cut today. It opened below our sell level and respected the same however overall it was sideways with injections. It has formed a spinning top candle in daily TF above its high there can pause if not reversal of the downmove. Bears will try to grip below 47950 but will short below confirmation level- 47850. We will ride the short with trailing sl in 5 MIN TF.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48250 then we will long for the target of 48750.
For selling we need a 15 Min candle close below 47850. T- 47200.
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 48250
Invalid-Below 48140
T- 48750
Bearish-Below 47850
Invalid-Above 47960
T- 47200
BANKNIFTY has closed on a bearish note once again with 0.55% cut today. It opened below our sell level and respected the same however overall it was sideways with injections. It has formed a spinning top candle in daily TF above its high there can pause if not reversal of the downmove. Bears will try to grip below 47950 but will short below confirmation level- 47850. We will ride the short with trailing sl in 5 MIN TF.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48250 then we will long for the target of 48750.
For selling we need a 15 Min candle close below 47850. T- 47200.
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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