BANKNIFTY stuck in a Range in 1 hour timeframe

Observations

BANKNIFTY has been consolidating within a defined range for the past 4 trading sessions in one hour candle chart

• Support level: 48000
  
• Resistance level: 49660
  

Price action has been characterized by lack of strong directional bias

Trading Idea

Breakout Strategy:
Long Entry: A decisive break above the resistance level 49660 with increased volume and confirmation from indicators.
Stop-Loss: Below the recent swing low within the range.
Target: Risk-Reward ratio of 1:2
Short Entry: A decisive break below the support level 48000 with increased volume and confirmation from indicators.
Stop-Loss: Above the recent swing high within the range.
Target: Risk-Reward ratio of 1:2

Considerations:

Volume: Increased volume on the breakout can strengthen the move.
Indicators: Consider using indicators like RSI, MACD, or Bollinger Bands to identify potential divergences or confirmations.

News & Events: Be aware of upcoming budget events that could impact market sentiment.

Disclaimer: This is for informational purposes only and not financial advice. Trading involves risk, and you should always conduct your own research and consult with a qualified financial advisor before making any investment decisions.