Tuesday, December 26, 2023

BANKNIFTY LEVLE 26/12/2023

 

 BANKNIFTY Intraday Trade Setup For 26 Dec 2023

Bullish-Above 47750
Invalid-Below 47640
T- 48117 48478

Bearish-Below 47410
Invalid-Above 47520
T- 47050 46720

BANKNIFTY has closed on a slight bearish note with 1.35% cut last week. After 4 weeks of rally it has taken a pause. 48220 is a short term top above which the next leg of rally will be triggered for 50k. 43900 is a major hourly support, breakdown will take BANKNIFTY to 46300 zone for a retest scenario. In hourly TF it more or less contracting to form an apex. 47750 and 47410 are important levels for tomorrow's session.

Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 47750 then we will long for the target of 48117 and 48478.

For selling we need a 15 Min candle close below 47410. T- 47050 46720.

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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