BankNifty Support&Resistance Levels for 7th May Tuesday
Overall Trend: The market is trading within a range, with resistance around 49200 and support around 48800. This indicates a sideways or range-bound movement.
Intraday Analysis: Today's most of the trading in second half saw the price getting stuck between 49000 (upper range) and 48800 (lower range). Tomorrow, traders should watch for potential breakouts or rejections at these extremes.
Key Levels:
Resistance: 49000 and 49250
Support: 48800 and 48600
Trading Strategy:
Long Trade Setup:
Entry: Look for sustained price action above 49000. If the price breaks above 49000 and continues to show strength, consider entering long positions.
Target: Target the resistance levels at 49150 to 49250 for profit booking.
Stop Loss: Place a stop-loss order below the intraday support or immediate swing low level, around 48930 to 48900, to limit potential losses if the price reverses.
Short Trade Setup:
Entry: If there's a rejection or weakness observed near the resistance area (49200 to 49250), consider entering short positions.
Target: Target the intraday support levels at 49000 to 48800 for profit booking.
Stop Loss: Place a stop-loss order above the resistance area (49200 to 49250) to manage risk in case of a sudden upward movement.
Alternate Short Entry Setup: If price opens flat at 49000 area and rejects any weakness observed there consider entering short position target 48800 if this 48800 voilates target 48600 area.
By following this trading strategy, traders can effectively capitalize on potential breakouts or rejections within the identified range while managing risk through appropriate stop-loss placement.
Intraday Analysis: Today's most of the trading in second half saw the price getting stuck between 49000 (upper range) and 48800 (lower range). Tomorrow, traders should watch for potential breakouts or rejections at these extremes.
Key Levels:
Resistance: 49000 and 49250
Support: 48800 and 48600
Trading Strategy:
Long Trade Setup:
Entry: Look for sustained price action above 49000. If the price breaks above 49000 and continues to show strength, consider entering long positions.
Target: Target the resistance levels at 49150 to 49250 for profit booking.
Stop Loss: Place a stop-loss order below the intraday support or immediate swing low level, around 48930 to 48900, to limit potential losses if the price reverses.
Short Trade Setup:
Entry: If there's a rejection or weakness observed near the resistance area (49200 to 49250), consider entering short positions.
Target: Target the intraday support levels at 49000 to 48800 for profit booking.
Stop Loss: Place a stop-loss order above the resistance area (49200 to 49250) to manage risk in case of a sudden upward movement.
Alternate Short Entry Setup: If price opens flat at 49000 area and rejects any weakness observed there consider entering short position target 48800 if this 48800 voilates target 48600 area.
By following this trading strategy, traders can effectively capitalize on potential breakouts or rejections within the identified range while managing risk through appropriate stop-loss placement.
Comment:
In range
Trade active:
as per idea if trades in yesterday's range which it spent most of the second half short entry made look details above in idea
Trade closed: target reached:
target acheived on lower side of support range
Comment:
as mentioned above alternate short setup worked out and acheived close to all targets
Comment:
Comment:
that above comment on chart i mentioned in idea above
Trade closed: target reached:
All targets acheived on lowerside
Comment:
Breakdown of 48600 and retest done short entry made with small risk
Comment:
So far running good one can keep trailing or keep stop loss at breakeven since trade in our favour
Trade closed: target reached:
Target acheived
