BANKNIFTY LEVEL 8/1/2024

 BANKNIFTY Intraday Trade Setup For 08 Jan 2023

Bullish-Above 48400
Invalid-Below 48290
T- 48730 49150

Bearish-Below 47820
Invalid-Above 47930
T- 47370 46900

BANKNIFTY has closed almost on a flat note with minor cut of 0.28% last week. Since last 4 weeks index has been in consolidation mode. Last week was another contraction week where it has formed an inside candle. Index will rally above the recent high of 48650. It will initiate a move towards 45k. 47480 is an important hourly swing low below which a downside journey will start. In between 48650 and 47480 index will be sideways more or less. 48400 and 47820 are important levels for next session.

Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 48400 then we will long for the target of 48730 and 49548.

For selling we need a 15 Min candle close below 47820. T- 47370 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.