Bullish-Above 52820
Invalid-Below 52710
T- 53370
Bearish-Below 52130
Invalid-Above 52240
T- 51600
BANKNIFTY has closed with a slight cut of 0.72% last week. Last two candles in weekly and daily TF are just opposite. While I will give more importance to weekly TF. Although it closed with minor cut but weekly candle is a Pinbar. 52800 is a major level from which bulls may take strong grip again. Also below its low 51700 there can be a aggressive selling with double force momentum. In between one need to maintain non-directional approach.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 52820 then we will long for the target of 53370.
For selling we need a 15 Min candle close below 52130. T- 51600.
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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