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 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.