BANKNIFTY : Trading levels and plan for 03-Feb-2025📈 BANKNIFTY Trading Plan for 03-Feb-2025 📉
Key Levels to Watch:
Resistance Zones:
🔴 Last Intraday Resistance: 49,966 - 50,137
🔴 Opening Resistance: 49,778
🔴 Major Resistance for Sideways Market: 50,378
Support Zones:
🟠 Opening Support/Resistance Zone (Sideways): 49,296 - 49,466
🟢 Last Intraday Support: 49,082
🟢 Major Support Zone: 48,723
🟢 GAP-UP Opening (200+ Points) (Typically above 49,720 region)
➡️ If BANKNIFTY opens above 49,778 and sustains, we need to observe price action at 49,966-50,137 (last intraday resistance zone).
Bullish Scenario: If price consolidates above 50,137 and breaks out with volume, expect a rally towards 50,378+ levels. 📈
📌 Entry: Above 50,137🎯 Target: 50,300-50,378❌ Stop Loss: Below 49,950
Bearish Rejection: If price rejects from 50,137 and fails to sustain, expect a pullback towards 49,778 .
📌 Entry: Below 50,000 after confirmation🎯 Target: 49,800-49,720❌ Stop Loss: Above 50,150
📝 Educational Tip: In strong gap-up scenarios, avoid chasing the market immediately. Let the price consolidate near key resistance levels before taking a trade.
↔️ Sideways Possibility: If BANKNIFTY stays between 49,778 - 50,137 , it may remain range-bound. Wait for a breakout.
⚖️ FLAT Opening (Near 49,500 - 49,600)
➡️ A flat opening would indicate market indecision and a need for further confirmation.
Bullish Bias: If price takes support at 49,466 - 49,500 and starts moving up, it can retest 49,778 , then 49,966 .
📌 Entry: Above 49,600 after bullish confirmation🎯 Target: 49,778 - 49,966❌ Stop Loss: Below 49,450
Bearish Breakdown: If BANKNIFTY breaks below 49,466 , expect a move towards 49,296 or even 49,082 (last intraday support).
📌 Entry: Below 49,466🎯 Target: 49,300 - 49,082❌ Stop Loss: Above 49,550
📝 Educational Tip: Flat openings require patience. Let the market establish a clear direction before entering. Avoid overtrading in a choppy market.
🔴 GAP-DOWN Opening (200+ Points) (Typically below 49,300 )
➡️ If BANKNIFTY opens below 49,296 , it indicates weakness and possible downside towards 49,082 and 48,723 .
Bearish Continuation: If price sustains below 49,296 , expect selling pressure towards 49,082 and 48,723 .
📌 Entry: Below 49,296🎯 Target: 49,082 - 48,723❌ Stop Loss: Above 49,400
Bounce Back Scenario: If BANKNIFTY takes support at 49,082 and shows strong reversal, we may see a move back towards 49,300 or even 49,466 .
📌 Entry: Above 49,100 after confirmation🎯 Target: 49,296 - 49,466❌ Stop Loss: Below 49,000
📝 Educational Tip: In gap-down scenarios, watch for institutional buying or aggressive selling. Avoid counter-trend trades without confirmation.
📌 Risk Management Tips for Options Traders
✅ Trade with Defined Risk: Always set a stop loss before entering a trade.
✅ Avoid Overleveraging: Keep position sizes within your risk tolerance.
✅ Watch for Volatility: Sudden spikes in IV (Implied Volatility) can impact options pricing.
✅ Exit at Key Levels: If a trade reaches resistance/support, book partial profits.
✅ Use Spreads for Safety: Instead of naked options, consider spreads to minimize risk.
📊 Summary & Conclusion Gap-Up: Watch for resistance at 50,137 ; breakout targets 50,378 . Flat Opening: Key support at 49,466 ; break above 49,600 can lead to bullish movement. Gap-Down: Below 49,296 , expect 49,082 - 48,723 ; bounce possible from support.
🛑 Disclaimer: I am not a SEBI-registered analyst. This analysis is for educational purposes only. Trade at your own risk.
🚀 Happy Trading & Stay Disciplined! 💰
