BANKNIFTY LEVEL 15/1/2024

 BANKNIFTY Intraday Trade Setup For 15 Jan 2024

Bullish-Above 47880
Invalid-Below 47770
T- 48315 48757

Bearish-Below 47600
Invalid-Below 47710
T- 47237 46900

BANKNIFTY has closed on a slight bearish note with almost 1% cut last week. It is lacking behind NIFTY as NIFTY is backed with IT pack and reliance. Since it is a bit slow so unlike NIFTY giving a breakout of a consolidation BANKNIFTY may take few more days to confirm a bullish price structure . In the this scenario index may give another lower low formation, means chances of a pullback and then taking out the previous swing high will confirm a bullish move. 47880 and 47600 are important levels for intraday.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47880 then we will long for the target of 48315 and 48757.

For selling we need a 15 Min candle close below 47600. T- 47237 and 46900.

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.