Banknifty will become weak below 34650 and we can sell aggressively for a target of 34250 level.
Banknifty above 35250 can retest 35900 level.
The key levels are identified on the chart.
P.S. I was playing football and got severely hurt due to which I was not trading or posting ideas for almost a month. From now on. I will post regularly.
Banknifty has retested the 30850 level already.
I am expecting sharp selling below 30220 level.
Hence, my plan is mostly sideways to downtrend directional trading and selling call is preferable since IV (Intrinsic Value) will be high and we can get the good premiums.
All the imp levels are marked on the chart.
BNF is trending for the past 3 days and I am expecting a sideways market.
Upper Level - 30900
Lower Level - 30300
If market opens gap up, then it will take support at today's closing price and move up, bc the put side premiums are very high.
If market opens flat, then it can continue downwards, but I will be careful towards selling, bc sellers are already in...
BNF will definitely retrace and I am mostly expecting a sideways market bc Annual Budget is near and after that we can see a clear trend.
I have marked the Fibonacci levels and expecting BNF to retrace to 38.2 and 50 % levels respectively before continuing the major trend reversal which we can expect since the market is too overstretched.
I am not very bullish but I am analyzing what I am seeing. If this pattern breaks and the corona vaccine results are successful, there can be a 1000 point rally again.
However, if there is a breakout failure, it can come down faster than you can think of.
As per tomorrow, the breakout is possible, but I am 50-50 on it and mostly think the market would be...
ALL the levels have been plotted on the chart.
Since budget is on 1st Feb, market can trade in a range ( calm before a storm ), however, we never know what's gonna happen next.
Believe in Price and do not take anything else has granted.
Please comment and let me know if you have any questions.
We can see an inverse head and shoulder pattern formed. The interesting part, it is consolidating near right shoulder which is a good sign for a breakout after a build up.
Simple things aren't so Simple
Case 1 - BNF opens flat (within 60 points range and crosses 32350, a long trade can be initiated.
Case 2 - Market opens big gap-up, it can reverse from 32500 (bc psychological level) or it can touch all time high and then reverse.
Case 3 - Market crosses 32200 level, a short setup can be made.
Since it will be Wednesday, PUT SIDE premiums need to be adjusted, so...
If you observed carefully, BANKNIFTY & NIFTY has performed exactly like last Monday.
Believing the fact that History gets repeated, will BNF can make all time high tomorrow.
Case 1 - BNF opens gap-down and crosses 32100 level, it can go up to 32650 level.
Case 2 - BNF crosses 31820 level, it can retest 31500 level.
The range as shown in the picture is...
We can see market has given a breakout of 15 min range in the end.
Case 1 - Market opens big gap up, comes down, takes support and shows bullish sign then I will go long.
Case 2 - Market opens flat and form 5 min bullish candle above the range, I will go long
Case 3 - Market is within the range and consolidates and breaks down the 15 min range, I will go...
As long as Banknifty is trading in between the purple range, I am not expecting any big movement as such and hence will go for scalping trades if any.
Let's wait patiently for the market to breakout/breakdown of the range.
Nifty has already made an all time high, which is a good indication that Banknifty might also touch all time high before a big correction...
Banknifty is forming a wedge pattern.
Here's my plan -
Case 1 - If there is a breakdown, the market can become trending and the fall might be scary.
Case 2 - If market sustains the upper level, I will prepare for a sideways market as 30000 will act as strong resistance.