BankNifty Intraday Trade Setup | 7th March

BankNifty opened with a gap-down around 34600 zones and we saw selling from open which bought BankNifty to 34094 and BankNifty gave almost 1000 points bounce from that zone. Though we again saw selling after 2:00 PM and BankNifty fell more than 600 points from day high.

Trades we took today -

> Bought BankNifty 33900 PE at 540 which we booked with 50 points loss
> Bought BankNifty 33900 PE at 480, it went near to our Last Target 580 and Traders booked great profit
> Bought BankNifty 34100 PE at 405 which we booked with 45 points loss

Overall it was a highly volatile and average day for BankNifty Option Buyers.

Tomorrow if BankNifty sustain below 34100, we may see a fast down move.

Expectations for Tomorrow: Volatile Day.

Intraday Levels:
Buy Above 34600
Sell Below 34100

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

Happy Trading!
InvestPro India Team

Comment:

Big Gap-down opening, no trade as per set-up.