BANKNIFTY : Trading Levels and Plan for April 5th, 2024
Gap Up Opening (Above 48200):
A gap up opening above 48200, if sustained, may lead to an ascent towards 48289 – 48434, where resistance could be encountered.
Short trades could be considered around 48378 with a stop loss at 48434 for targets at 48068 – 47895 – 47846.
Gap Down Opening (Below 48000):
Initial support might be found near 47595 - 47846 in case of a gap down opening below 48000.
Deeper declines could occur if prices breach 47800, with potential buying opportunities near 47670 – 47605, with a stop loss at 47500.
Flat Opening:
Resistance around 48200 or trading below 48068 could lead to a decline towards 47895 – 47846, where buying opportunities could arise.
However, if prices drop below 47800, a final buying opportunity might be observed near 47670 – 47605, with a stop loss at 47550.
Overall Strategy:
Bullish scenarios entail trading above 48200, with targets at 48450 and beyond.
Bearish scenarios involve monitoring levels below 48068, with targets at 47895 and potentially 47846.
Disclaimer: Trading in financial markets involves risk. The provided analysis does not guarantee profits and traders should exercise caution, conduct their own research, and consider risk management strategies before making any trading decisions.
A gap up opening above 48200, if sustained, may lead to an ascent towards 48289 – 48434, where resistance could be encountered.
Short trades could be considered around 48378 with a stop loss at 48434 for targets at 48068 – 47895 – 47846.
Gap Down Opening (Below 48000):
Initial support might be found near 47595 - 47846 in case of a gap down opening below 48000.
Deeper declines could occur if prices breach 47800, with potential buying opportunities near 47670 – 47605, with a stop loss at 47500.
Flat Opening:
Resistance around 48200 or trading below 48068 could lead to a decline towards 47895 – 47846, where buying opportunities could arise.
However, if prices drop below 47800, a final buying opportunity might be observed near 47670 – 47605, with a stop loss at 47550.
Overall Strategy:
Bullish scenarios entail trading above 48200, with targets at 48450 and beyond.
Bearish scenarios involve monitoring levels below 48068, with targets at 47895 and potentially 47846.
Disclaimer: Trading in financial markets involves risk. The provided analysis does not guarantee profits and traders should exercise caution, conduct their own research, and consider risk management strategies before making any trading decisions.