BankNifty Trade Setup for 28 October

Bulls did a superb comeback from support of 23900 on 27th October. Market closed at 24757 which is near to POC before the fall. Below are the trade setup for 28th October.
1. 23900 will act as big support for many days to come.

2. Opening above 24900 and sustaining will give fresh upside breakout for BN . Long can be initiated with SL of 24800 for intraday target of 25300/25520. Positional long target can be 26000/26480 levels.

3. If sustains below 24720, short can be initiated with SL of 24800 for target of 24550/24425.

4. Market may try to support at 24425 if dip happen in morning. Longs can be initiated there with SL of 24350 for 24550/24800 levels.

5. Shorts should be initiated if sustains below 24425 with SL of 24550 for 24200/23900 levels.

Trade according to your plan.

Keep a track on HDFC Bank and ICICI bank. Today's rise is because of Kotak Bank results. Still HDFC bank and ICICI bank are yet to give breakout. Unless any one of them give breakout on upside, BN cannot go fast even if gives upside breakout.
Trade active: Look into Trade Plan 3, Market opened at 24800 and on 5 min candle went down. next 2 candle it tried to come back to 24800. At 9:30, 5 min candle closed at 24714. That should have been entry point with good R:R. It worked well and reached 24425.

Trade Plan 4 worked very well. Market took support at 24425 after the dip. In fact I took entry at 24430 level and booked near VWAP 24590.

The point i would like to highlight is even if you did not enter the trade, at least you could have avoided being in wrong direction. Sometimes, no trade is a trade actually. Always enter the trade with plan.
Trade closed: target reached: Now Market is in between 24400 to 24500. No trade zone basically. Let market find direction. Lets see market reaction near 24000. Trade accordingly.
Trade active: putting 5 min chart for reference.

Comment: Trade Plan 5 is active. Keep stop loss for any trade entered. Lets see how it goes.
Trade closed: stop reached: SL hit
Trade active: If someone had entered again below 24425, then it would have been in good profit.
Trade closed: target reached: One has to see support and resistance levels. These are magnets.