Bank Nifty is expected to open with a gap down opening near the 58900 zone, indicating a slightly cautious start after the previous session’s volatility. The index is currently trading near an important support zone around 58950–58900, which will act as the immediate decision area for today’s movement.
If Bank Nifty manages to sustain above the 59050 level after the opening and shows strong buying momentum, traders can consider buying CE options above 59050. A breakout above this level may push the index toward 59250, 59350, and 59450+ levels. Sustaining above this resistance zone could trigger short covering and lead to a stronger upside move during the session.
On the downside, if the index fails to hold the 58950–58900 support zone and starts trading below this level with strong selling pressure, traders may consider buying PE options around 58950–58900. In that case, the index may move toward 58750, 58650, and 58550 levels, which are the next immediate support zones.
Further weakness below the 58450 level could trigger another round of selling in the market. If this level breaks, traders can consider PE positions for targets of 58250, 58150, and 58050 levels.
Since the market is opening with a gap down, traders should avoid aggressive selling immediately at the open and wait for confirmation. It is better to wait for a breakout above 59050 for upside momentum or a breakdown below 58900 for continuation of the downside move. Maintain strict stop loss and use trailing stop loss with partial profit booking at each target as volatility may remain high.
If Bank Nifty manages to sustain above the 59050 level after the opening and shows strong buying momentum, traders can consider buying CE options above 59050. A breakout above this level may push the index toward 59250, 59350, and 59450+ levels. Sustaining above this resistance zone could trigger short covering and lead to a stronger upside move during the session.
On the downside, if the index fails to hold the 58950–58900 support zone and starts trading below this level with strong selling pressure, traders may consider buying PE options around 58950–58900. In that case, the index may move toward 58750, 58650, and 58550 levels, which are the next immediate support zones.
Further weakness below the 58450 level could trigger another round of selling in the market. If this level breaks, traders can consider PE positions for targets of 58250, 58150, and 58050 levels.
Since the market is opening with a gap down, traders should avoid aggressive selling immediately at the open and wait for confirmation. It is better to wait for a breakout above 59050 for upside momentum or a breakdown below 58900 for continuation of the downside move. Maintain strict stop loss and use trailing stop loss with partial profit booking at each target as volatility may remain high.
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📣 Telegram: t.me/tradzooIndex
📣 Forex Telegram: t.me/tradzoofx
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📣 Telegram: t.me/tradzooIndex
📣 Forex Telegram: t.me/tradzoofx
📲 Mobile App: tradzoo.com/download
📲 Forex App:tradzoo.com/forex/download
🔗 Website: bit.ly/tradzoopage
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.