BankNifty Intraday Trade Setup | 18th Feb

BankNifty opened with a minor Gap-up and faced resistance at 38150 zones. We saw good selling in the morning and BankNifty came down near to 37500 zones. We saw a good recovery of more than 400 points from lower levels but it again faced rejection and closed near day low.

Trades we took today -

> Bought BankNifty 38400 PE at 420 which we booked with 60 points loss
> Bought BankNifty 37500 CE at 360 which we booked with 40 points loss
> Bought BankNifty 38000 CE at 60, it went above our 2nd Target 125 and Traders booked profit
> Bought BankNifty 37500 CE at 370 which we booked with 50 points loss

Overall, it was a bad day for BankNifty Option Buyers.

Tomorrow, if BankNifty sustains below 37450 we may see a fast down move.

Expectations for Tomorrow: Volatile Day.

Intraday Levels:
Buy Above 37750
Sell Below 37450

To motivate me, Please like the idea If you agree with the analysis.

Happy Trading!
InvestPro India Team

Trade closed: target reached:

Sell Trade Triggered and 1st Target Done.