sekharjaykrish

BankNifty Game plan for tomorrow (29/07/2020)

NSE:BANKNIFTY   NIFTY BANK
NSE:BANKNIFTY

Higher Time Frame Price value relationship:
Monthly - Key support 21380 followed by 21100, Key resistance 22480 followed by 23000

Weekly - As suggested yesterday, market bounced back today from weekly level. Next immediate resistance at 22420.

Game plan for tomorrow(29/07/2020):
- Price value relationship indicating overlap with slightly negative bias.

- Trade Plan A: Any bullish price action seen at 21920 - 21960 go for long with target of 22100, 22270

- Trade Plan B: Any bullish price action seen at 21720 - 21760 can go for long with target of 21980, 22100

- Trade Plan C: Any bearish price action seen at 22280 - 22330 can go for short with target of 22100, 21980, 21760

- Trade Plan D: Any bearish price action seen at 22420-22460 can go for short with target of 22233, 22100

- Trade Plan E: Aggressive longs can take if price goes above 22460 with target of 22740

- Trade Plan F: Aggressive shorts can take if price goes below 21610 with target of 21360

My trade will be short CE's as per Plan C/D.

All levels are as per spot. Anything can happen. Please have a proper risk management. Happy trading.

For more updates follow on Twitter: @SekharJayKrish
Comment: - Perfectly went as per plan C (from 22330 to 21980)
- Yesterday itself I said, will trade as per plan C
- Covered all my CE shorts, done for the day
- Hope CE writers make enough money

Comments

Hi sir bought 22200 pe.... Don't know what to do tomorrow.......exit or hold..... Pls tell
Reply
sekharjaykrish omkarpadhy
@omkarpadhy, I don't recommend overnight buying on weekly options. Can wait for first 30mins and based on the market bias can close.
Reply
GOOD ANALYSIS SIR, LOOKING FORWARD TO IT.
Reply
sekharjaykrish LikithPrince
@LikithPrince, sure. thank you :)
Reply
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