Yes bank trending Now 2024 Decnifty move bullish then yesbank move bulish ,
YESBANK BREAKOUT A BOX
KEEP YOUR EYES
Banknity
BANNIFTY : Trading Levels and Plan for 06-Nov-2024Previous Day's Chart Pattern Recap:
On the previous trading day, Bank Nifty displayed strong bullish momentum, with significant buying observed around the 51,900 support level. This momentum pushed prices higher, testing key resistance zones near 52,322 and approaching the Profit Booking Zone at 52,900 . The trend areas on the chart are marked with color coding, where Yellow represents a sideways trend, Green indicates a bullish trend, and Red shows a bearish trend.
06-Nov-2024 Trading Plan:
Opening Scenarios:
Gap Up Opening (200+ Points Above Closing Price):
- If Bank Nifty opens around the 52,322 resistance zone, traders should exercise caution as this could lead to profit-booking pressure near 52,534 .
- A confirmed breakout above 52,534 could lead to further bullish momentum, targeting the Profit Booking Zone at 52,900 .
- In case of rejection near 52,534 , look for bearish candles as a sign of weakness for a potential retracement back toward the Opening Support at 52,032 .
Flat Opening (Near Closing Price of 52,105):
- If the market opens flat around 52,105 , wait for the price action near the Opening Resistance at 52,322 .
- A successful breach and close above 52,322 can trigger a bullish move towards 52,534 and ultimately to the 52,900 zone if momentum sustains.
- Failure to cross 52,322 may signal a sideways move (yellow trend) between 52,032 and 52,322 . Intraday traders can trade the range until a clear breakout.
Gap Down Opening (200+ Points Below Closing Price):
- If Bank Nifty gaps down near 51,611 , observe the price action here. This level serves as an important buyer support at the previous breakout structure (BoS).
- A bounce from 51,611 may indicate buyer strength, aiming for a recovery back to 52,032 and higher.
- If 51,611 fails to hold, expect a bearish move toward the Last Intraday Support at 51,373 . This area will be crucial for bulls to defend to avoid further downside.
Risk Management Tips for Options Trading:
- Use tight stop losses, especially in volatile conditions. Adjust stop losses as per volatility in the market.
- Avoid holding options close to expiry without clear direction as time decay accelerates.
- Prefer trading options with sufficient liquidity to ensure better entry and exit without slippage.
- Maintain a risk-to-reward ratio of at least 1:2. Avoid chasing trades and wait for confirmations.
Summary & Conclusion:
For 06-Nov-2024, Bank Nifty’s crucial levels to monitor are 52,534 on the upside and 51,611 on the downside. A breakout above 52,534 may lead to bullish continuation, while a break below 51,611 could invite selling pressure. Monitor the chart closely, as Yellow, Green, and Red trends signal sideways, bullish, and bearish moves respectively.
Disclaimer: I am not a SEBI-registered analyst. The above analysis is for educational purposes only. Please do your research or consult with a certified financial advisor before trading.
Bank nifty lowerTF trading strategyNSE:BANKNIFTY : what explained here is a very short term trading strategy at lower time frame without using any indicator. It is very low risk high reward trading strategy.
Identify the trend in longer time frame, in this example its 1 hour and trend is bearish. Now switch to one minute time frame
1) - Identify equal highs, the area where price failed to move three or more times. Above the highs will be many buy stops of short sellers. Marked as 1
2) - Allow price to move above and grab all those buy stops. An up candle is followed by many negative candle. This confirms trend resumes to downwards after taking out those stops. Marked as 2
3) - Look for imbalance or FVG ( Fair value gaps) look at the inserted picture in the chart if you don't know what is FVG. Marked as 3 and insert 1.
4) - Place the stop above the FVG box. Marked as 4
5) - Take entry when price breaks below the FVG box. Marked as 5
6) - Profit booking at 15 Minutes TF FVG created on 23.02.23 12.30 pm. Marked as 6 and Insert 2
Will teach you on opposite side trade on another occasion.
Do your home work with older chart data until then.
Good Luck
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MCDOWELL_N BUY @ 844 & TARGET @ 855
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