BANKNIFTY Intraday Trade Setup For 5 Jul 2024
Bullish-Above 53360
Invalid-Below 53250
T- 53835
Bearish-Below 52800
Invalid-Above 52910
T- 52250
BANKNIFTY has closed on an absolute flat note today. Nothing triggered as per trade setup, however both plotted support and resistance levels were respected. Tomorrow we will keep neutral view between 53360 and 52800. One should wait for breakout in order to trade directional. 52800 is a major intraday support which was validated today, break of which will trigger a profit booking move.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 53360 then we will long for the target of 53835.
For selling we need a 15 Min candle close below 52800. T- 52250.
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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