Bullish-Above 51610
Invalid-Below 51500
T- 52137
Bearish-Below 51080
Invalid-Below 51190
T- 50550
BANKNIFTY has closed on a slight bearish note last week, ended near week low and formed a shooting star candle. It is near 50 EMA in daily TF breakdown will turn overall trend to bearish. However key level for sharp bearish momentum will be 50400 which is last daily swing low. 49k will be 1st target in the downside. 51610 is a crucial bullish reversal level which is held by the plotted trendline. In case 51200 is sustained bears may start gripping.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 51610 then we will long for the target of 52137.
For selling we need a 15 Min candle close below 51080. T- 50550.
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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