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BankNifty Intraday Support & Resistance Levels for 21.11.2024On Tuesday, BankNifty opened gap-up, broke the 15m resistance zone, and rallied to a high of 50,983.50, meeting the anticipated resistance range of 50,725 - 51,000. However, during the last trading hour, it gave up all its gains and hit a day low of 50,440.85, eventually closing at 50,626.50, up by 262 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is still negative. Demand/Support Zones Near Support (Daily): 49,654.65 - 49,959.25 (already touched twice) Far Support: 49,282.65 (61.8% Fibonacci level) Far Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Resistance (30m): 50,774.35 - 50,876.45 Far Resistance (30m): 51,586.35 - 51,874.70 Far Resistance (Daily): 51,562.70 - 52,493.95
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 19.11.2024On Monday, BankNifty opened with a gap up, made a low of 50,074, and climbed to a high of 50,445.80 before closing at 50,363.80, gaining 184 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative. If BankNifty continues to hold the Daily Demand Zone support, we might witness bullish momentum in the coming days, with potential targets of 50,725 to 51,000. Demand/Support Zones Near Support (Daily): 49,654.65 - 49,959.25 (already touched twice) Far Support: 49,282.65 (61.8% FIBO Level) Extended Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Immediate Resistance (15m): 50,725.35 - 50,852.45 Higher Resistance (30m): 51,586.35 - 51,874.70 Major Resistance (Daily): 51,562.70 - 52,493.95
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 18.11.2024On Thursday, BankNifty opened with a gap down, climbed to a high of 50,561.80, and dipped to a low of 49,939.35. It closed at 50,179.55, gaining 91 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative. For two consecutive days, BankNifty has tested the Daily Demand Zone and held support near the 50,000 mark. As highlighted earlier, if this support holds, we could see bullish momentum targeting 50,725 to 51,000 levels. Demand/Support Zones Near Support (Daily): 49,654.65 - 49,959.25 (tested twice) Far Support: 49,282.65 (61.8% FIBO Level) Extended Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Immediate Resistance (15m): 50,725.35 - 50,852.45 Higher Resistance (30m): 51,586.35 - 51,874.70 Major Resistance (Daily): 51,562.70 - 52,493.95
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 14.11.2024On Wednesday, BankNifty opened with a gap down and saw sharp selling pressure in heavyweight stocks, plummeting over 1,250 points and hitting a low of 49,904.40—right into the key Daily Demand Zone highlighted in the last post. It closed at 50,088.35, down 1,069 points on the last weekly expiry. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) has turned negative. As anticipated, breaking below 50,900 triggered a significant decline of 1,000 points. BankNifty did find support within the Daily Demand Zone (49,654.65 - 49,959.25) and bounced to 50,339.45 toward the session’s end. If this zone holds, we might see a rebound to 50,725 - 51,000. Notably, BankNifty has now corrected 4,563 points from its all-time high of 54,467.35, reflecting an 8.37% decline from the peak. Demand/Support Zones Key Support (Daily): 49,654.65 - 49,959.25 (current price within this zone) Far Support: 49,282.65 (61.8% FIBO Level) Extended Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Immediate Resistance (15m): 50,725.35 - 50,852.45 Higher Resistance (30m): 51,586.35 - 51,874.70 Major Resistance (Daily): 51,562.70 - 52,493.95
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 13.11.2024On Tuesday, BankNifty opened with a gap up, hitting a high of 52,169.05 before a sharp sell-off brought it down over 1,000 points to a low of 51,006.85, reaching the 30m demand zone highlighted in our last post. It closed at 51,157.80, down by 719 points. The Weekly and Daily Trends (50 SMA) both remain sideways. As BankNifty closed within the 30m demand zone, it has a chance to hold support around 50,900. If this level holds, a bounce to 51,650 or even 52,000 could be in play. However, if BankNifty falls below 50,900, it may slide further to the next major support at 49,959 or lower. Demand/Support Zones Near Support (30m): 50,900.10 - 51,230.85 (current price within the zone) Deeper Support (15m): 50,382.10 - 50,485.15 Major Support (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO) Extended Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Immediate Resistance (15m): 51,652.20 - 51,758.90 Higher Resistance (15m): 51,919.75 - 52,008.05 Key Resistance (30m): 52,232.35 - 52,396.50 Major Resistance (Daily): 52,817.80 - 53,235.25 Extended Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
2
BankNifty Intraday Support & Resistance Levels for 12.11.2024On Monday, BankNifty started flat, dipped to 51,294.20, then rallied up to 52,177.70, nearing the 30m supply zone. It closed at 51,876.75, adding 315 points over the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways. Key demand and supply zones are unchanged from the last post. Demand/Support Zones Near Support (30m): 50,900.10 - 51,230.85 Minor Support (15m): 50,382.10 - 50,485.15 Deeper Support (Daily): 49,654.65 - 49,959.25 Extended Support: 49,282.65 (61.8% FIBO) Major Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Resistance (30m): 52,232.35 - 52,396.50 Key Resistance (Daily): 52,817.80 - 53,235.25 Extended Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 11.11.2024On Friday, BankNifty opened slightly negative, reaching a high of 52,007.15 and dipping to a low of 51,494 before closing at 51,561.20, down 355 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways. Key demand and supply zones are unchanged from the last update. Demand/Support Zones Near Support (30m): 50,900.10 - 51,230.85 Minor Support (15m): 50,382.10 - 50,485.15 Major Support (Daily): 49,654.65 - 49,959.25 Deep Support: 49,282.65 (61.8% FIBO) Extended Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Resistance (30m): 52,232.35 - 52,396.50 Key Resistance (Daily): 52,817.80 - 53,235.25 Extended Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 08.11.2024On Thursday, BankNifty opened flat, hit a high of 52,377.25, and then declined to a low of 51,752.25. It closed at 51,916.50, down by 400 points from the previous close. Both the Weekly and Daily trends (50 SMA) remain sideways, signalling a cautious approach. Demand/Support Zones Near Support (30m): 50,900.10 - 51,230.85 Key Support (15m): 50,382.10 - 50,485.15 Major Support (Daily): 49,654.65 - 49,959.25 Deep Support: 49,282.65 (61.8% FIBO) Extended Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Resistance (30m): 52,232.35 - 52,396.50 Major Resistance (Daily): 52,817.80 - 53,235.25 Extended Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 07.11.2024On Wednesday, BankNifty opened with a gap-up but traded within a narrow 300-point range, touching a low of 52,185.40 and a high of 52,493.95. It closed at 52,317.40, adding 110 points over the previous close. The Weekly and Daily Trends (50 SMA) remain sideways, signalling potential consolidation. Demand/Support Zones Minor Support (30m): 50,900.10 - 51,230.85 Minor Support (15m): 50,382.10 - 50,485.15 Near Support (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Deep Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Resistance (Daily): 52,817.80 - 53,235.25 Key Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 06.11.2024On Tuesday, BankNifty opened on a weak note, reaching a low of 50,865.45 within the 30-minute demand zone before surging over 1,000 points to a high of 52,289.55. It closed strong at 52,207.25, gaining 992 points from the previous close. The Weekly Trend (50 SMA) remains sideways, as does the Daily Trend. Demand/Support Zones Near Minor Demand/Support (30m): 50,900.10 - 51,230.85 Near Minor Demand/Support (15m): 50,382.10 - 50,485.15 Far Demand/Support (Daily): 49,654.65 - 49,959.25 Extended Support: 49,282.65 (61.8% FIBO Level) Deep Demand/Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance (15m): 52,264.05 - 52,349.45 (tested) Far Supply/Resistance (Daily): 52,817.80 - 53,235.25 Extended Supply/Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 05.11.2024On Monday, BankNifty opened on a high note, with Open = High at 51,729.90, before dropping over 650 points to a low of 51,070.65. It closed at 51,215.25, down by 458 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways, suggesting caution in both directions. Demand/Support Zones Near Minor Demand/Support (30m): 50,798.45 - 50,888.95 Near Minor Demand/Support (15m): 50,382.10 - 50,485.15 Far Demand/Support (Daily): 49,654.65 - 49,959.25 Extended Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance (30m): 51,634.50 - 51,793.50 Near Supply/Resistance (15m): 52,264.05 - 52,349.45 Extended Supply/Resistance (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 04.11.2024On Friday, BankNifty opened with a gap up, breaking through near 5m and 15m supply zones to reach a high of 51,825.50 before closing at 51,673.90, up by 198 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways. Demand/Support Zones Near Minor Demand/Support (5m): 51,158.65 - 51,233.50 Near Demand/Support (15m): 50,382.10 - 50,485.15 Far Demand/Support (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones Near Supply/Resistance (15m): 52,264.05 - 52,349.45 Near Supply/Resistance (Daily): 51,855.15 - 52,577.50 (tested) Far Supply/Resistance (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Muhurat Trading Support & Resistance for 01.11.2024✨ Happy Diwali and Auspicious Muhurat Trading! ✨ On Thursday, BankNifty opened flat to negative and, despite an initial high of 52,005.60, faced selling pressure in banking stocks, dropping nearly 700 points to a low of 51,318.10. It found some support at the 15m demand zone, closing at 51,475.35, down 332 points from the previous close. The Weekly Trend (50 SMA) remains sideways, as does the Daily Trend (50 SMA). Larger time frame demand and supply zones (75m, Daily, Weekly) remain unchanged. Small Time-Frame Demand/Support Zones Near Demand/Support (5m): 51,158.65 - 51,233.50 Near Demand/Support (15m): 50,382.10 - 50,485.15 Small Time-Frame Supply/Resistance Zones Near Supply/Resistance (5m): 51,638.05 - 51,688.85 Near Supply/Resistance (15m): 51,692.50 - 51,799.75 Near Supply/Resistance (15m): 52,264.05 - 52,349.45 Larger Time-Frame Demand/Support Zones Near Demand/Support (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support (Daily): 44,633.85 - 45,750.40 Larger Time-Frame Supply/Resistance Zones Near Supply/Resistance (Daily): 51,855.15 - 52,577.50 (tested) Far Supply/Resistance (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance (Weekly): 53,741.40 - 54,467.35 Wishing you a prosperous Muhurat trading session and a joyous Diwali! 🪔📈
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 31.10.2024On Wednesday, BankNifty opened with a gap down, reaching a high of 52,220 before dipping to a low of 51,733. After attempting to hold the 15m demand zone, BankNifty couldn’t sustain, closing at 51,807.50 with a 513-point loss. Both the Weekly and Daily Trends (50 SMA) are currently sideways. Demand/Support Zones: Near Minor Demand/Support Zone (15m): 51,376.60 - 51,517.85 Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 52,264.05 - 52,349.45 Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 (tested) Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 30.10.2024On Tuesday, BankNifty opened with a gap up and rallied to a high of 52,354.85, breaking the tested 75m Supply Zone and entering the Daily Supply Zone. It closed strong at 52,320.70, gaining a remarkable 1,061 points over the previous close. Weekly Trend (50 SMA) remains sideways, as does the Daily Trend. Demand/Support Zones: Near Demand/Support Zone (15m): 51,796.15 - 51,969.50 Near Demand/Support Zone (15m): 51,376.60 - 51,517.85 Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones: Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 (currently in this zone) Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 29.10.2024On Monday, BankNifty opened with a gap up, reaching a high of 51,589.15, testing the 75m Supply Zone mentioned in the previous post. Selling pressure from this supply zone caused it to drop nearly 400 points, closing at 51,259.30, still up 471 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways. The demand and supply zones are unchanged. Demand/Support Zones: Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support at 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones: Near Supply/Resistance Zone (75m): 51,411.30 - 51,781.55 (tested on Monday) Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 28.10.2024On Friday, BankNifty opened flat to slightly negative and faced intense selling pressure, dropping to a low of 50,382.10 before closing at 50,787.45, down 743 points. The Weekly Trend (50 SMA) shifted sideways from positive, while the Daily Trend (50 SMA) remains sideways. As anticipated, once the critical 51,000 level broke, BankNifty slid an additional 600 points. A further dip toward the psychological level of 50,000 is possible before we see any meaningful bounce. Demand/Support Zones: Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 Supply/Resistance Zones: Near Supply/Resistance Zone (75m): 51,411.30 - 51,781.55 Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35
NSE:BANKNIFTY
by PriteshPal
BANKNIFTY: INSTITUTIONAL LEVELS FOR 25/10/2024QUICK GUIDE - Use 5 minute timeframe - Try to take enters at retest - Use multiple confirmation - Read full description before investing - Try to take ATM options or above Explanation: This is a very useful trading system. This means that you should not take a trade blindly, but rather that there is another confirmation to take the trade you can use this for perfect entry and perfect exit This trading opportunity is based on volume, previous price, and price range , are included Entry/Exit point's: - It has very easy entry and exit points - In this pair of lines with two colors are given (RED AND BLUE) - In this the blue line is used to take long entry and the red line is used to take short entry (But it is all based on a more conformation from your trading plan) Stop Loss/Take Profit: Stop Loss - According to this, if you take a long trade, its stop loss will be the red line just below ( A trade can exit either when the price crosses the red line or the 5 minute candlestick crosses the red line. (This can be done according to your preference) ) - A short entry should use the opposite rules to a long entry Take Profit -When you take a long entry according to the profit to be booked is on the next red line above. ( Or if there are other reasons, it can be a safe exit ) - Opposite rules for booking profit on long entry are to book profit on short trade. ( The blue line above is the stop loss of short entry ) Timeframe: According to this, the time frame you should use while taking trades is 5 minutes time frames . (5 minute time frame works well in this) Risk Disclaimer: Trading carries significant risk and is not suitable for all traders. You may lose some or all of your capital in a matter of minutes or hours. Market conditions can change rapidly, and prices can move against you quickly. You may not always be able to exit at a favorable price, and you may be required to hold a position overnight, exposing yourself to additional risk. Day trading involves high risk, high leverage, and high stakes, and you should only trade with funds you can afford to lose. Please carefully consider your financial situation, risk tolerance, and trading objectives before engaging in day trading. Engagement: Share your insights, ask questions, and learn from others in the community. Whether you're a seasoned pro or just starting out, we're all in this together. What's your take on the current market conditions? Which trading strategies are working for you? Let's discuss and help each other grow as traders! Comment below and let's get the conversation started! Original Content: This trading setup is the result of my own innovation and expertise, and is not based on any publicly available information or third-party systems. It is a reflection of my dedication to developing a competitive edge in the markets.
NSE:BANKNIFTY
by tony_fx_sm
BankNifty Intraday Support & Resistance Levels for 25.10.2024On Thursday, BankNifty opened on a positive note, hit a low of 51,201.85 and climbed to a high of 51,781.55 before closing at 51,531.15, gaining 292 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. BankNifty Demand/Support Zones: Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 BankNifty Supply/Resistance Zones: Far Supply/Resistance Zone (5m): 52,143.55 - 52,257.30 Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10 Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 24.10.2024On Wednesday, BankNifty opened with a 139-point gap down, making a low of 51,107.90. It bounced back, reaching a high of 51,551.55 (almost hitting the 15m Supply Zone) but couldn't sustain and closed at 51,239, losing 18 points from the previous close. BankNifty has closed inside the 125m Demand Zone for the second consecutive day. If the 51,000 level holds, we may see a bounce. However, if BankNifty breaks below 51,000 with volume and sustains, further downside till 49,959 or lower is possible. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. BankNifty Demand/Support Zones for 24.10.2024: Near Demand/Support Zone (125m): 51,000.90 - 51,355.80 (current price inside the zone) Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 BankNifty Supply/Resistance Zones for 24.10.2024: Near Supply/Resistance Zone (15m): 51,559.35 - 51,678.85 Far Supply/Resistance Zone (5m): 52,143.55 - 52,257.30 Near Supply/Resistance Zone (Daily): 51,855.15 - 52,577.50 Far Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10 Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 23.10.2024On Tuesday, BankNifty opened 108 points higher, hit a high of 52,257.30, and then dropped over 1,050 points, reaching a low of 51,179.60. It closed at 51,257.15, losing 705 points from the previous session. BankNifty is currently within the 125m Demand Zone mentioned in the previous post. If the crucial 51,000 level holds, we might see a bounce back from this demand zone. However, if BankNifty breaks below 51,000 with strong volume and sustains, further downside to 49,959 or lower is likely. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. BankNifty Demand/Support Zones for 23.10.2024: Near Demand/Support Zone (125m): 51,000.90 - 51,355.80 (current price inside this zone) Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 BankNifty Supply/Resistance Zones for 23.10.2024: Near Supply/Resistance Zone (15m): 51,559.35 - 51,678.85 Far Supply/Resistance Zone (5m): 52,143.55 - 52,257.30 Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10 Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 22.10.2024On Monday, BankNifty opened with a gap up, hit the 15-minute Supply Zone mentioned in the previous post, and made a high of 52,577.50. However, it faced strong resistance, falling over 700 points to a low of 51,855.15 before closing at 51,962.70, down 131 points from the previous close. If BankNifty breaks below the 51,000 level with volume and sustains, we could see a further drop toward 49,959 or lower. The Weekly Trend (50 SMA) is positive, while the Daily Trend (50 SMA) remains sideways. BankNifty Demand/Support Zones for 22.10.2024: Near Demand/Support Zone (125m): 51,000.90 - 51,355.80 Near Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far Support: 49,282.65 (61.8% FIBO Level) Far Demand/Support Zone (Daily): 44,633.85 - 45,750.40 BankNifty Supply/Resistance Zones for 22.10.2024: Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10 Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70
NSE:BANKNIFTY
by PriteshPal
BANKNIFTY: INSTITUTIONAL LEVELS FOR 22/10/2024QUICK GUIDE - Use 5 minute timeframe - Try to take enters at retest - Use multiple confirmation - Read full description before investing - Try to take ATM options or above Explanation: This is a very useful trading system. This means that you should not take a trade blindly, but rather that there is another confirmation to take the trade you can use this for perfect entry and perfect exit This trading opportunity is based on volume, previous price, and price range , are included Entry/Exit point's: - It has very easy entry and exit points - In this pair of lines with two colors are given (RED AND BLUE) - In this the blue line is used to take long entry and the red line is used to take short entry (But it is all based on a more conformation from your trading plan) Stop Loss/Take Profit: Stop Loss - According to this, if you take a long trade, its stop loss will be the red line just below ( A trade can exit either when the price crosses the red line or the 5 minute candlestick crosses the red line. (This can be done according to your preference) ) - A short entry should use the opposite rules to a long entry Take Profit -When you take a long entry according to the profit to be booked is on the next red line above. ( Or if there are other reasons, it can be a safe exit ) - Opposite rules for booking profit on long entry are to book profit on short trade. ( The blue line above is the stop loss of short entry ) Timeframe: According to this, the time frame you should use while taking trades is 5 minutes time frames . (5 minute time frame works well in this) Risk Disclaimer: Trading carries significant risk and is not suitable for all traders. You may lose some or all of your capital in a matter of minutes or hours. Market conditions can change rapidly, and prices can move against you quickly. You may not always be able to exit at a favorable price, and you may be required to hold a position overnight, exposing yourself to additional risk. Day trading involves high risk, high leverage, and high stakes, and you should only trade with funds you can afford to lose. Please carefully consider your financial situation, risk tolerance, and trading objectives before engaging in day trading. Engagement: Share your insights, ask questions, and learn from others in the community. Whether you're a seasoned pro or just starting out, we're all in this together. What's your take on the current market conditions? Which trading strategies are working for you? Let's discuss and help each other grow as traders! Comment below and let's get the conversation started! Original Content: This trading setup is the result of my own innovation and expertise, and is not based on any publicly available information or third-party systems. It is a reflection of my dedication to developing a competitive edge in the markets.
NSE:BANKNIFTY
by tony_fx_sm