Gap Up Opening:
If BANKNIFTY opens above 49000 and sustains above 49020 for the first hour, it suggests bullish momentum. Consider buying with targets at 22300 – 22400. However, if it fails to sustain and starts trading below 48785, expect a drop to 48508- 48424. In this range, consider buying with a SL of 22380 for targets at 48785 – 48950.
Flat Opening:
On a flat opening, if BANKNIFTY breaks 48960 and sustains above 49020 for the first hour, it indicates upward movement towards 49300 -49400. Beyond this, it might trade sideways to negative. Breaking and sustaining above 49400 could lead to a sharp move towards 49725. Conversely, if it breaks 49780 on the downside, expect a drop to 48508 – 48424.
Gap Down Opening:
If BANKNIFTY opens below 49700 and faces rejections at 48785 – 48800, it might drop to 48508 – 48242. These levels could be considered as buying opportunities. However, if it breaks 48400, anticipate a sharp decline towards 47853 in the coming days.
Disclaimer: This plan is based on technical analysis and market conditions as of the specified date. Traders should exercise their own discretion and consider other factors before making any trading decisions. The market is subject to inherent risks, and past performance is not indicative of future results.