Bullish-Above 51050
Invalid-Below 50940
T- 51650
Bearish-Below 50670
Invalid-Above 50780
T- 50100
BANKNIFTY has closed on a bullish note with 0.86% gain today. It has closed exactly at tip of the daily TF range of 51800 and 49700. Now above today's high - 51050 a range shift will happen and move of atleast 1200 points can be triggered. Below 50670 index may result in false breakout of daily TF bullish breakout. In the weekend we have already discussed there index recent trend was bearish so we have to be alert for any of fakeout and trade that.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 51050 then we will long for the target of 51650.
For selling we need a 15 Min candle close below 50670. T- 50100.
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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