1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
Banknifty component have total 12 stocks as component. And their own moves will gives move to Banknifty index. And different stocks from these 12 stocks have different Weightage to move in Banknifty. Those Weightage % you can easily find on internet. for example HDFCBANK, ICICI, SBIN and Axis are major mover in Banknifty index. So their move will give move to BankNifty.
Hope I made it clear. Still doubt, feel free to ask.
saurabhbakliwal1001
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@Trading_hawk, Yes clear. So the Question continues as, if BNifty is going up or down. Can we pattern which heavyweights are making a formation to draw Bnifty move up or down to decide levels for Bnifty or levels for heavyweights as well.
yes. heavyweight moves will easily visible on index. for example, yesterday (09-01-2023) axis Bank gave moves in 2nd half. And when big hands wants to manage Index they always control heavyweight.
But remember, to derive levels (for trading) in Index, no need to check what other components are doing. But as intraday trader you can keep eye on heavyweight components of Index.
If heavyweights are at critical support and bouncing then that effect obviously will come in Index.
Also keep in mind, Intraday Trading levels in any entity will be derived independently from that perticular chart only.
For Intraday, the more simple you keep your charts, levels, price action and Mind, it will be much easy to trade.