BankNifty Intraday Trade Setup | 23rd August

BankNifty opened with a big gap-down due to Global cues and come down to near 35000 which is a psychological support zone. It took to support and we saw a bounce towards 35300 zones which acted as resistance, BankNifty was trading in this range for the whole day.

We bought 35100 CE at 320 which went to above 450 within 5-10 mins and Traders booked great profit.

For tomorrow, SGX Nifty is indicating a gap-up opening. We would see a good up-move in BankNifty once we would break the yellow falling resistance line. If we open with a big gap-up would be looking for an opportunity to sell at upper levels.

Expectations for Tomorrow: Volatile day.

Intraday Levels:
Buy Above 35150
Sell Below 34950

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

Happy Trading!
InvestPro India Team

Comment:

Gap-up and rejection from upper levels, Traders bought 35400 PE in the morning made 100% profit.