BANKNIFTY Intraday Trade Setup For 22 Aug 2024
Bullish-Above 50810
Invalid-Below 50700
T- 51515
Bearish-Below 50300
Invalid-Above 50410
T- 49650
BANKNIFTY has closed with a slight cut of 0.23% today but on a positive note as it has formed a Pinbar candle and closed near day high. 50810 looks like an important level for a bullish trigger as bulls may give breakout in daily TF. Daily TF range of 50800 and 49700 is still intact, time for a range shift now. 51k and 50300 will be key level for tomorrow.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 50810 then we will long for the target of 51515.
For selling we need a 15 Min candle close below 50300. 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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