Bullish- Above 50750
Invalid- Below 50640
T- 51400
Bearish-Below 50370
Invalid-Above 50480
T- 49650
BANKNIFTY has closed with 1.69% cut last week. However it has formed a Pinbar candle in weekly TF. After a global sell off weekly candle shows some kind of reversal structure , above it's high 50750 will get more confirmation. It is still sell on rise and I will personally follow the same outlook. 49600 is a crucial market structure level below which we are going to crash once again. Breakout of the plotted trendline will initiate a gap filling/ retracement move. 50750 and 50370 are Intraday levels for tomorrow.
Coming to Monday's trade setup, if index opens flat and a 15 MIN candle closes above 50750 then we will long for the target of 51400.
For selling we need a 15 MIN candle close below 50370. T- 49650.
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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