The Bank Nifty futures opened today's session lower at 51,950, down nearly 0.2% from Friday's close of 51,871. This indicates a bearish inclination as the index is trading below an important level of 52,150.
2. Key Resistance Levels
The Bank Nifty has key resistance levels at 52,150 and 52,800. If the index surpasses 52,150, it could extend the rally to 52,800.
3. Support Levels
The nearest support for Bank Nifty futures is at 51,500, with subsequent support at 51,000.
4. Trading Strategy
For intraday trading, it is suggested to short Bank Nifty futures at 51,950 with a stop-loss at 52,180. Book profits at 51,500.
5. Astrological Influences
Astrological events such as Jupiter Declination and Mercury Declination are expected to impact market trends. These events can help identify trends and reversals in the market.
6. Technical Analysis
The Bank Nifty has formed the biggest fall in 2024, and its price is back to the C point of the ABCD pattern. It is also trading on its 43 Gann angle support zone.
7. Market Volatility
The Nifty and Bank Nifty indices are expected to see more volatility due to geopolitical tensions and recent market activity. The September swing low of 24,750 acts as a support level for Nifty 50.
8. Gann Angles and Support Zones
The Bank Nifty is trading on its Gann angles and support zones, which can help traders pinpoint potential trading opportunities. The trend-deciding level for Bank Nifty is 51,573, with resistance at 51,800 and support at 51,047.
9. Trading Plan
Traders should closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it's crucial to be adaptable and cautious in your approach.
