BankNifty Intraday Trade Setup | 17th November

BankNifty opened flat, we saw selling at open and BankNifty broke its support level of 38600. We saw a good fall if you see it from the open and BankNifty also broke the previous low of 38350 zones.

Trades we took today -

> Bought BankNifty 38600 PE at 270 which made a high around 350 and Traders booked good profit in this Trade
> Bought BankNifty 38500 PE at 260 which made a high around 330 and Traders booked good profit in this Trade
> Bought BankNifty 38600 PE again at 300 which we booked with 15 points loss due to slow movement

Overall, a good day and BankNifty Option Buyers booked great profit.

BankNifty looks weak and if it breaks 38200 in the morning, we may see a fast down move of 100-200 points but 38000 is Phyclogical support so Sellers Need to be cautious in that zone.

Expectations for Tomorrow: Volatile Day.

Intraday Levels:
Buy Above 38400
Sell Below 38200

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

Happy Trading!
InvestPro India Team

Comment:

Gap-down opening, no Trade as per Set-up.