17 Sep 2024 Bank Nifty Predictions (Next Trading Day)
Support and Resistance Levels
Support Levels:
51,872 - This is the low of the 5-minute chart for today.
51,600 - A previous support level observed on the daily chart.
Resistance Levels:
52,400 - The current level where the price is hovering, acting as immediate resistance.
52,800 - A previous resistance level observed on the daily chart.
Market Scenario for the Next Trading Day
Opening Slight Gap Up
Based on the current trend and momentum, a slight gap up is expected.
Morning Bullish
The market is likely to continue the bullish momentum from the previous day.
Midday Range-bound
After the initial bullish move, the market may consolidate and trade within a range.
Afternoon Start Bullish, then Range-bound The market may attempt another bullish move but is likely to face resistance and trade within a range.
Options Strategies and Strikes
As an options buyer, the following strategies and strikes could be effective for the next trading day:
Bull Call Spread:
Buy 52,200 CE
Sell 52,400 CE
This strategy will benefit from a moderate bullish move and limits the risk.
Long Call:
Buy 52,200 CE
This strategy will benefit from a strong bullish move. However, it carries higher risk if the market does not move as expected.
Straddle:
Buy 52,200 CE
Buy 52,200 PE
This strategy will benefit from a significant move in either direction. It is suitable if you expect high volatility.
Summary
Support Levels: 51,872, 51,600
Resistance Levels: 52,400, 52,800
Expected Market Scenario:
Opening: Slight Gap Up
Morning: Bullish
Midday: Range-bound
Afternoon: Start Bullish, then Range-bound
Options Strategies:
Bull Call Spread (52,200 CE - 52,400 CE)
Long Call (52,200 CE)
Straddle (52,200 CE and 52,200 PE)
This analysis is based purely on the 5 minutes and Daily Bank Nifty charts and does not consider external market factors. Adjust your strategies accordingly as the market evolves.
Support Levels:
51,872 - This is the low of the 5-minute chart for today.
51,600 - A previous support level observed on the daily chart.
Resistance Levels:
52,400 - The current level where the price is hovering, acting as immediate resistance.
52,800 - A previous resistance level observed on the daily chart.
Market Scenario for the Next Trading Day
Opening Slight Gap Up
Based on the current trend and momentum, a slight gap up is expected.
Morning Bullish
The market is likely to continue the bullish momentum from the previous day.
Midday Range-bound
After the initial bullish move, the market may consolidate and trade within a range.
Afternoon Start Bullish, then Range-bound The market may attempt another bullish move but is likely to face resistance and trade within a range.
Options Strategies and Strikes
As an options buyer, the following strategies and strikes could be effective for the next trading day:
Bull Call Spread:
Buy 52,200 CE
Sell 52,400 CE
This strategy will benefit from a moderate bullish move and limits the risk.
Long Call:
Buy 52,200 CE
This strategy will benefit from a strong bullish move. However, it carries higher risk if the market does not move as expected.
Straddle:
Buy 52,200 CE
Buy 52,200 PE
This strategy will benefit from a significant move in either direction. It is suitable if you expect high volatility.
Summary
Support Levels: 51,872, 51,600
Resistance Levels: 52,400, 52,800
Expected Market Scenario:
Opening: Slight Gap Up
Morning: Bullish
Midday: Range-bound
Afternoon: Start Bullish, then Range-bound
Options Strategies:
Bull Call Spread (52,200 CE - 52,400 CE)
Long Call (52,200 CE)
Straddle (52,200 CE and 52,200 PE)
This analysis is based purely on the 5 minutes and Daily Bank Nifty charts and does not consider external market factors. Adjust your strategies accordingly as the market evolves.
JB 2024
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.