BANKNIFTY
Simple Trade Setup for Bank Nifty
It closed above 35800 and 35800 is working as good support and 36000 is resistance.
Safe Buy trade will be only breakout of 36000 level and Safe Sell trade will be only below 35700 breakdown.
Scenario -1
If it opens flat between 35800-35900 then better to wait till it breaks on either side on the level to take the trade.
Scenario -2
If it opens Gap up but bellow 36000 then if it breaks 36022 then it will be a buy trade entry but if it takes resistance from 36000/36022 then it will be an entry for quick short trade.
But again it if it takes support from 35800 then it will give a good bullish up move and safe entry for buy trade will be above 35856.
Breaking down of 35800 will give further down movement. And below 35706 it will be more bearish.
Scenario -3
If it opens Gap up above 36000 then better to wait it to take the support from 36000 or 35980 levels and once it gets support then it will be buy trade entry.
If it fails to get support and faces resistance at 36150 range then it will be again short trade entry.
Scenario - 4
If it opens gap down below 35750 range and faces resistance as 35800 level then it will be short trade but if it brakes 35800 level then it will be entry for buy trade.
Hope I made it easy to understand.
Do comment your doubt or suggestion.