Banknifty Possible Trade For Tomorrow

Apr 18, 2023

Support and resistance levels are price levels on Chart where the buying and selling pressures are expected to be strong and it is top Nifty trading indicator

Banknifty Support Zones
1. 41921 - 41971
2. 41700 - 41735
3. 41435 - 41460

Banknifty Resistance Zones
1 .42335 - 42370
2. 42490 - 41515
3.  42675 - 42700

Importent Signal for Banknifty Trading from Option Chain Data Analysis

Max Pain As per Option Chain Analysis (Banknifty Expiry Targets ) – 42300
PCR ratio as per Option Chain Analysis – 0.80 ( Bearish )
Major Support as Per Banknifty Open Interest Analysis – 41900
Major Resistance as Per Banknifty Open Interest Analysis – 42500


Point to be Noted Before Takeing Trade

Remember that day trading can be challenging and requires discipline, patience, and a lot of hard work.
It’s important to develop a solid trading plan and stick to it, even when emotions are high.

*Keep a trading journal: Record all of your trades in a trading journal. This helps you to analyze your performance, identify patterns, and make improvements to your trading strategy.

*Manage your risk: Day trading is risky, so it’s important to manage your risk. This includes using proper position sizing, setting stop-loss orders, and avoiding overtrading
Use stop-loss orders: Set stop-loss orders to limit your potential losses. This helps you to exit a trade if the market moves against you

*Before you start trading, have a well-defined plan that includes your trading strategy, risk management plan, and profit targets. Stick to your plan and don’t let emotions dictate your trades.