04 Oct 2024 - Bank Nifty Predictions (Next Trading Day)

Oct 3

1. Index Chart and Time Frames
Index: Nifty Bank Index (BANKNIFTY)
Chart Date: October 3, 2024
Time Frames:
5-Minute Chart
Daily Chart
Weekly Chart
Monthly Chart

2. Support and Resistance Levels for Next Trading Day
Support 1 51,683.40
Support 2 51,600.00

Resistance 1 52,000.00
Resistance 2 52,800.00

3. Market Scenario for Next Trading Day
Expected Opening Slight Gap Down
Market Trend Bearish to Range-Bound
Timing Initial bearish sentiment, potential range-bound after 11:00 AM

4. Options Strategies for Next Trading Day
Buy Put Options 51,800 Anticipating a slight decline in the index.
Sell Call Options 52,000 To capitalize on potential resistance.

5a. Calendar Spread Strategy
Daily 51,800 Buy daily put, sell weekly put.
Weekly 52,000 Buy weekly put, sell monthly put.
Monthly 51,500 Buy monthly put, sell next month put.

5b. Daily, Weekly, and Monthly Trends
Daily Bearish
Weekly Bearish
Monthly Bullish (but showing signs of reversal)

6. Trading Recommendations for ATM, ITM, OTM
ATM Trade 9:30 AM - 10:30 AM
ITM Don't Trade All Day
OTM Better Not to Trade 10:30 AM - 3:00 PM

Summary
The market is expected to open slightly down, with bearish sentiment likely to persist initially.
Focus on put options for potential profit, especially around the identified support levels.
The calendar spread strategy can be effective given the current market conditions.
This analysis is based solely on the provided charts and data. Always consider your risk management strategies when trading.

Disclaimer: Do Manage your Risk and Money management, Do not Forget to PUT STOP LOSS.