Banknifty Support&Resistance Levels for Monday 13trh May

Current Trend: BankNifty has experienced seven consecutive days of selling pressure, but this trend appeared to ease somewhat on Friday.

Key Levels:

Resistance: Immediate resistance is seen at 47600.
Support: Support is established around the 47300 level.

Potential Scenarios:

Rejection or Breakout/Breakdown: Watching for how BankNifty reacts at these key levels.

On rejection play reversal example if 47600 area rejects play reversal target support area 47300,same for long 47300 area if you find rejection price action go long there target 47600 area.

Upside Potential:

If BankNifty breaks above 47600, there's a possibility of a move towards the 47800 to 48000 range.

Downside Risk:

Conversely, if BankNifty breaks below 47300, it may test the 47000 area.

Overall Strategy:

Approach cautiously, observing for confirmation of either a continuation of selling pressure or a reversal towards higher levels.
Remember to adapt your strategy based on the market's movements and confirm any potential trades with further analysis.

Comment:

This is just example of pictorial banknifty to find where trade set up are possible ,not a trade suggestion please analyse before taking any entries

Comment:

As mentioned in idea went with short trade below support area 47300

Trade active:

As mentioned in idea went with short trade below support area 47300 PE entered 315

Trade closed: target reached:

Target acheived 115 premium points for 47300 PE

Comment:

Comment:

This is spot entry compare with what i gave above for pictorial example on banknifty

Comment:

Comment:

47600 above target one acheived 47800