BankNifty Trade Plan for 29th October
Bulls did a good job on 27th October to reach 24800. But on 28th October, bears took control and made BankNifty to fall to 24200 level by closing. As expected both HDFC bank and ICICI bank fell big. This is a bad signal for Bulls. Now 24900 will act as strong resistance for many days to come. Below are the plan plans for 29th October.
1. Opening below 24200 will lead to 23900. Remember 23900 is a big support for Bulls.
2. Watch Price action near 23900. If market sustains below 23900, a good opportunity to go short for targets of 23580/23230/23000 levels. SL would be 24000.
3. If 23900 holds as good support, a bounce back to 24200 can be expected. SL would be 23850
4. Longs can be initiated only above 24550, which looks very unprobeable now. SL would be 24425
5. Keep eye on ICICI bank and HDFC bank charts. Both are staring for downside breakout which will accelerate the BankNifty fall.
Tomorrow is monthly expiry and market is very volatile. Trade according to your plan.
1. Opening below 24200 will lead to 23900. Remember 23900 is a big support for Bulls.
2. Watch Price action near 23900. If market sustains below 23900, a good opportunity to go short for targets of 23580/23230/23000 levels. SL would be 24000.
3. If 23900 holds as good support, a bounce back to 24200 can be expected. SL would be 23850
4. Longs can be initiated only above 24550, which looks very unprobeable now. SL would be 24425
5. Keep eye on ICICI bank and HDFC bank charts. Both are staring for downside breakout which will accelerate the BankNifty fall.
Tomorrow is monthly expiry and market is very volatile. Trade according to your plan.
Comment:
Trade Plan 3 worked well. If one did not take position for pullback, Still avoiding shorting would have been done. Thats more important
Comment:
BankNifty chart till now. See the support and resistance lines on 5 min chart.
Comment:
As seen above, BN is in no trade zone. Wait for either side to break