Hii Traders π
Welcome to BANKNIFTY Futures and options analysis for 29th Wednesday
π if we see day frame chart of BANKNIFTY we can clearly observe that today's candel which is covered nearly last 3 trading session
π Their was huge selling pressure but buyers were try to pull the things back
π If we see the Day volatility is about 1.3% means which is high and not tradable or suitable volatility for retail traders and fluctuated points is about 1062
π― Key levels to watch out for day trader
π Major resistance zone for BankNifty is at 38350-38400 where at this point BankNifty tried to breakout level and
β½ If market breakout resistance then we can see Target of 38550
β½ If banknifty traded above these levels I'm sure that more shorts were get covered in 37500 CE and 37600 CE strikes
β½ Whenever until breakout that resistance level don't trade
β½Above 38150 will be momenum for buyers to control the market until then market will be weaker
β½ Stop loss will be 38150 if market traded below this level then banknifty will be weaker and might be fear can continue
π Major support level for BankNifty
β½ Support level for nifty lies at 37300-37250
β½ Whenever until breakdown this level don't trade
β½Below the 37600 market will be weaker but it is indecisive
β½ if Market successfully breakdown this level then we can take a trade
β½ And we can see the Target 1 will be 37000
β½Target 2 will be 36850
β½ STOP loss will be 37400 where it acting as strong support and resistance
β½Use Target 1 as trailing Stoploss to achieve 2nd target I sure you will not gone loose money for market
πlevels for banknifty futures will be also same
β½Go long on banknifty Futures if it breakout the resistance
β½ Don't short the market until below the 37600
β½Go short below the support level 37300
π TRADESHOTS
β½ Resistance level for CE buyers /option buyers is at 38350-38400
β½ support zone to buy PUT / PE is at 37300-37250
β½ BankNifty will be weaker on intraday basis below the 37600
Thanks for reading π
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