BANKNIFTY Intraday Trade Setup For 19 Feb 2024

BANKNIFTY Intraday Trade Setup For 19 Feb 2024

Bullish-Above 46710
Invalid-Below 46600
T- 47270 47760

Bearish-Below 46250
Invalid-Above 46360
T- 45700

BANKNIFTY has closed on a bullish note last week with 1.64% gain. Looking at the weekly setup index looks ready for a bullish move, confirmation above last swing high 46900. Coming to daily TF index has failed to close above 46600, rejected 4 times. Now if a daily candle closes above 46600 then we will try to initiate a bullish trade. On Friday it formed a shooting star candle so below 46250 we can see some down move which can be the pullback before the daily TF breakout above 46600.

https://www.tradingview.com/x/pkv4g3pp/

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 46710 then we will long for the target of 47270 and 47760.

For selling we need a 15 Min candle close below 46250. T- 45700. A strong support can be found near 45650.

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.