BANKNIFTY
INTRADAY LEVELS. This is BANKNIFTY chart on 15 minute time frame. Levels are followed in much better way and are working as per Fibonacci Retracement .
Today it took resistance at 34804. This level is critical to watch tomorrow.
And below are levels for this week. Don't chase any gap up or gap down.
Buy Only above 35850.
--> 1st Target: 35935
--> 2nd Target: 36108
--> 3rd Target: 36234
Sell Only Below 35645.
--> 1st Target: 35553
--> 2nd Target: 35392
--> 3rd Target: 35218
Below are the scenario.
1) If open gap up above 35850 then wait for first 15 minutes. Let it go down to get support from 35800 or 35750. And once you find it is taking support from these levels and then you can go long and follow levels for your target.
2) If open gap up above 35850 then wait for first 15 minutes and let it go up till 35900-35920 and let it face resistance. If it breaks up 35920 then go long and if it goes down then don't chase. There will be the chance that it will go down to check demand from 35750 level.
3) If open sideways between 35650-35720 then wait for break up or break down to go with the trend and follow levels for your target.
4) If open gap down below 35650 then wait for 35600-35555 levels to get broke down to go short. It might also test the demand from 35550 and give up move but since there is expiry tomorrow better to go long above 35820. It is better to give up some point rather than giving up premium.
5) There might be chance that it will remain in range and give sideways movement and option writer will just earn from the premium decay. Don't buy any option in this sideways moment as premium will decay tomorrow on expiry day. But there will be surely one side movement will come on either side in that you can jump and buy option. But be quick with taking out profit. Don't hold for long time.
All the best for the upcoming trading days.
Any doubts/suggestion, you can comments below.