BANKNIFTY Intraday Trade Setup For 24 Jan 2024

BANKNIFTY Intraday Trade Setup For 24 Jan 2024

Sell_1- From 46150
Invalid-Above 46260
T- 45515 45000

Sell_2- Below 44880
Invalid-Above 44990
T- 44180 43570

BANKNIFTY has closed on a bold bearish note with 2.26% cut today. It opened with a big gap up today and as per trade setup 10 o'clock range was to be followed. Range broke downside below 45980 and gave a big trendy move till 44887. Yesterday it was said that index may give a bullish move but I clearly said that I doubt it will sustain. Tomorrow there can be an pullback of today's impulsive move or there is a chance of a halt candle in daily TF. 0.382 of yesterday's range will be first confluence level.

Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 44880 then we will short for the target of 44180 and 43570.

In case 46150 is tested via gap up move then we will short. T- 45500 zone.

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.