BANKNIFTY Intraday Trade Setup For 16 Jan 2024
Bullish-Above 48250
Invalid-Below 48140
T- 48620 48950
Bearish-Below 48020
Invalid-Above 48130
T- 47700 47445
BANKNIFTY has closed on a bullish note with almost 1% gain today. In the
weekend analysis we discussed that BANKNIFTY may form a higher low and
then confirm the next bullish move. In this case index may give a
pullback if 48000 is taken out in downside. 47700 will act as an
intraday support being gap closing price. In case it sustains above
today's high then we will test 48621 and that will be an intraday
resistance.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle
closes above 48250 then we will long for the target of 48620 and 48950.
For selling we need a 15 min candle close below 48020. T- 47700 and 47445.
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.
Tuesday, January 16, 2024
BANKNIFTY LEVEL 16/1/2024
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