Bank Nifty is expected to witness a gap-up opening following Friday's strong bullish momentum. The index has reclaimed the 58550 support zone and is trading near an important resistance area around 58550–58600. Traders should wait for confirmation above this resistance before initiating fresh long positions.
If Bank Nifty sustains above 58550–58600 after the opening, traders can consider buying CE options with upside targets of 58750, 58850, and 58950. A decisive breakout above 59050 will further strengthen the bullish trend and can extend the rally towards 59250, 59350, and 59450+.
On the downside, if Bank Nifty fails to sustain above 58450 and slips below this support, traders can consider buying PE options with downside targets of 58250, 58150, and 58050. Unless 58450 is breached decisively, avoid aggressive bearish positions as the overall momentum remains positive.
Overall, a gap-up opening is expected with a positive intraday bias. As long as Bank Nifty holds above the 58450–58550 support zone, buying on dips remains the preferred strategy. Traders should wait for confirmation near the opening range and maintain strict stop-losses while booking profits gradually at the mentioned target levels.
If Bank Nifty sustains above 58550–58600 after the opening, traders can consider buying CE options with upside targets of 58750, 58850, and 58950. A decisive breakout above 59050 will further strengthen the bullish trend and can extend the rally towards 59250, 59350, and 59450+.
On the downside, if Bank Nifty fails to sustain above 58450 and slips below this support, traders can consider buying PE options with downside targets of 58250, 58150, and 58050. Unless 58450 is breached decisively, avoid aggressive bearish positions as the overall momentum remains positive.
Overall, a gap-up opening is expected with a positive intraday bias. As long as Bank Nifty holds above the 58450–58550 support zone, buying on dips remains the preferred strategy. Traders should wait for confirmation near the opening range and maintain strict stop-losses while booking profits gradually at the mentioned target levels.
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📣 Forex Telegram: t.me/tradzoofx
📲 Mobile App: tradzoo.com/download
📲 Forex App:tradzoo.com/forex/download
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.