Bank Nifty Trade Setup for 2nd August 2021 – Bank Nifty Closes At 34585
Daily time frame – support – 34100
resistance - 34850
5 min time frame - resistance at 34750 and support at 34490
Sentiment of the Market – sentiment is neutral
Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34650
b) Goes Down – Buy PE if it falls below 34490 with a big strong candle or if you want to play safe wait for it to fall below 34350
2) Opens with Gap Up -
a) But Below 34650 - Buy CE only if it crosses 34750
b) Above 34650
i) Its going up - Buy CE only if it crosses 34750
ii) Its going down -Wait for it to bounce back from 34650 and buy CE when crosses 34750
if it breaks 34650 - then no trade till 34490
and if it breaks 34490 with strong red candle then Buy PE below 34490 till 34350 and if it breaks 34350 then you can hold and wait to exit till 34100
3) Opens with Gap Down -
a) Above 34490 - Wait for it to bounce back from 34490 and buy CE trade above 34650 only.
If it breaks 34490 with strong red candle then buy PE at 34490 up to 34350
b) Below 34490-
Keeps on falling then Buy PE up to a fall of 34100, support present at 34350
These Levels are for Safe Playing Traders Only and during Live Trading you can always make profit from Scalp Trading between these levels as per market volatility and your own risk reward capacity
Daily time frame – support – 34100
resistance - 34850
5 min time frame - resistance at 34750 and support at 34490
Sentiment of the Market – sentiment is neutral
Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34650
b) Goes Down – Buy PE if it falls below 34490 with a big strong candle or if you want to play safe wait for it to fall below 34350
2) Opens with Gap Up -
a) But Below 34650 - Buy CE only if it crosses 34750
b) Above 34650
i) Its going up - Buy CE only if it crosses 34750
ii) Its going down -Wait for it to bounce back from 34650 and buy CE when crosses 34750
if it breaks 34650 - then no trade till 34490
and if it breaks 34490 with strong red candle then Buy PE below 34490 till 34350 and if it breaks 34350 then you can hold and wait to exit till 34100
3) Opens with Gap Down -
a) Above 34490 - Wait for it to bounce back from 34490 and buy CE trade above 34650 only.
If it breaks 34490 with strong red candle then buy PE at 34490 up to 34350
b) Below 34490-
Keeps on falling then Buy PE up to a fall of 34100, support present at 34350
These Levels are for Safe Playing Traders Only and during Live Trading you can always make profit from Scalp Trading between these levels as per market volatility and your own risk reward capacity