BankNifty Intraday Trade Setup | 9th Feb

BankNifty opened with a Gap-up but faced resistance at 38200 - 38220 zone and we saw a sell-off at open which brought BankNifty towards 37300 zones. BankNifty took supper near the yellow trendline and showed a great recovery of more than 700 points.

Trades we took today -

> Bought BankNifty 38000 CE at 430 which we booked with 60 points loss
> Bought BankNifty 38100 PE at 460, it went above our Last Target 580 and Traders booked great profit
> Bought BankNifty 37700 PE at 450, it went above our Last Target 560 and Traders booked great profit
> Bought BankNifty 37500 CE Feb Month at 770, it went above our Last Target 960 and Traders booked great profit
> Bought BankNifty 38000 PE at 490 which we booked with 50 points loss
> Bought BankNifty 38000 PE again at 430, it went above our 3rd Target 540 and Traders booked great profit

Overall, a great day for BankNifty Option Buyers.

Tomorrow, if BankNifty sustains above 38220 we may see a short-covering upmove.

Expectations for Tomorrow: Volatile day.

Intraday Levels:
Buy Above 38220
Sell Below 37880

To motivate me, Please like the idea If you agree with the analysis.

Happy Trading!
InvestPro India Team

Trade closed: target reached:

Buy Trade Triggered and BankNifty gave all the targets.