BANKNIFTY Intraday Trade Setup For 30 May 2024
Bullish-Above 48700
Invalid-Below 48590
T- 49230
Bearish-Below 48350
Invalid-Above 48460
T- 47625
BANKNIFTY has closed on a bearish note with 1.3% cut today. Index opened with a big gap down of 355 points. 10 o'clock range was to be used as per setup, range broke downside below 48770, trade gave almost 1:4 gain till 48405 with slow momentum. Tomorrow if 48350 acts as a initial support then a bounce towards 48700 zone is possible. In case index breaks 48350-30 then a gradual fall towards 47625 is possible.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48700 then we will long for the target of 49230.
For selling we need a 15 Min candle close below 48350. T- 47625.
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.
Bullish-Above 48700
Invalid-Below 48590
T- 49230
Bearish-Below 48350
Invalid-Above 48460
T- 47625
BANKNIFTY has closed on a bearish note with 1.3% cut today. Index opened with a big gap down of 355 points. 10 o'clock range was to be used as per setup, range broke downside below 48770, trade gave almost 1:4 gain till 48405 with slow momentum. Tomorrow if 48350 acts as a initial support then a bounce towards 48700 zone is possible. In case index breaks 48350-30 then a gradual fall towards 47625 is possible.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48700 then we will long for the target of 49230.
For selling we need a 15 Min candle close below 48350. T- 47625.
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.
