Bank Nifty: Tuesday - 25/10/22
Levels:
Support: 41040, 40810, 40640, 40400
Resistance: 41375, 41630
OI Data:
Trade setup:
* For gap up: Wait for the V shape (retesting of 41370). If sustains long with a SL of 41300.
* For flat open, watch around which level it consolidating (notice the support/resistance levels of above). If drifted higher side to long with a SL of just the below level. If drifted lower side, go short with a SL of the just above level.
* For gap down: Check which level? 41050/41000 level or 40800 level. Wait for the sustaining of these levels. If it holds the level then you can go Long. If it fails to sustain the level, go short. SL can be placed at the "ATR SL" (check Indicator: ATR Stop Loss Finder in TradingView, by user veryfid).
Support: 41040, 40810, 40640, 40400
Resistance: 41375, 41630
OI Data:
- Highest OI Call in Bank Nifty per OI data: 42000
- Highest OI Put in Bank Nifty per IO data: 40500
- Nearest Major Resistance in Bank Nifty per OI data: 41600
- Nearest Major Support in Bank Nifty per IO data: 40900
Trade setup:
* For gap up: Wait for the V shape (retesting of 41370). If sustains long with a SL of 41300.
* For flat open, watch around which level it consolidating (notice the support/resistance levels of above). If drifted higher side to long with a SL of just the below level. If drifted lower side, go short with a SL of the just above level.
* For gap down: Check which level? 41050/41000 level or 40800 level. Wait for the sustaining of these levels. If it holds the level then you can go Long. If it fails to sustain the level, go short. SL can be placed at the "ATR SL" (check Indicator: ATR Stop Loss Finder in TradingView, by user veryfid).
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