BANKNIFTY Intraday Trade Setup For 13 Jun 2024
Bullish- Above 50300
Invalid-Below 50190
T- 51000
Bearish- Below 49500
Invalid- Above 49610
T- 48700
BANKNIFTY has closed with a slight gain of 0.38% gain today. Index has been trading sideways since last 3 session. Premiums have been adjusted to normal pricing. Since the start of this week we discussed that index is likely to form an inside candle in weekly TF which is happening and implication of that will be compressed moves. Tomorrow once again we will follow non directional approach between 50300 and 49500. Breakout of this range will trigger directional move. Wedge formation indicates bulls are trying to take control again.
Coming to Thursday's trade setup, if index opens flat and a 15 MIN candle closes above 50300 then we will long for the target of 51k.
For selling we need a 15 MIN candle close below 49500. T- 48700.
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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