10 Oct 2024 - Bank Nifty Predictions

Oct 9

1. Index Chart Details
Index: Nifty Bank Index
Date: October 9, 2024
Time Frames:
Daily (1D)
5-Minute (5M)
Weekly (1W)
Monthly (1M)

2. Support and Resistance Levels for Next Trading Day
Support Levels:
1st Support: 50,900
2nd Support: 50,500

Resistance Levels:
1st Resistance: 51,200
2nd Resistance: 51,700

3. Market Scenario for Next Trading Day
Expected Opening Slight Gap Down 9:15 AM
Market Trend Bearish to Range-bound Morning
Midday Adjustment Possible recovery towards flat 12:00 PM
Closing Trend Range-bound with slight bullish bias 3:30 PM

4. Options Strategies for Next Trading Day
Recommended Strategies:
Bull Put Spread: Sell 51,000 Put, Buy 50,900 Put (if market shows signs of recovery).
Bear Call Spread: Sell 51,500 Call, Buy 51,600 Call (if market opens lower and shows bearish sentiment).

5a. Calendar Spread Strategy
Strikes for Calendar Spread:
Daily: Sell 51,000 Call, Buy 51,100 Call
Weekly: Sell 51,200 Call, Buy 51,300 Call
Monthly: Sell 51,500 Call, Buy 51,600 Call

5b. Daily, Weekly, and Monthly Trends
Time Frame Trend Direction Key Levels
Daily Bearish 51,200 (Resistance), 50,900 (Support)
Weekly Range-bound 51,700 (Resistance), 50,500 (Support)
Monthly Bullish 54,467 (Resistance), 45,661 (Support)

6. Trading Recommendations for ATM, ITM, OTM
ATM Trade Morning session
ITM Don't Trade All day
OTM Trade cautiously Afternoon session
Better Not to Trade If market shows strong bearish trend

Summary
The market is expected to open slightly lower, with a bearish sentiment initially. However, there may be a recovery towards midday, leading to a range-bound scenario by the end of the day. The suggested options strategies focus on both bullish and bearish scenarios, depending on market movements.

Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.