Gap Up Opening:
In case of a gap up opening above 48800, resistance is anticipated near 48871. If prices start trading below 49780, a short trade with an initial target of 48545 – 48500 and a stop loss (SL) of 48900 is advisable. Further downside movement to 48400 – 48350 is possible if prices sustain below 48500. Conversely, if prices remain above 48871 and trade above 48900, an upward movement towards 49000-49161 and 49400, especially if they sustain above 49200, can be expected.
Flat Opening:
For a flat opening, if prices face rejection between 48780 – 48800, a drop to complete the correction structure towards 48545 – 48500 and 48400 – 48358 may occur. Buying opportunities may arise at these levels targeting 48500 – 48700 with a SL of 48313. Buying should be considered only if prices rise above 48870, targeting 49000 – 49160.
Gap Down Opening:
In the event of a gap down opening below 48600, a buying trade near 48500 – 48400 with a SL below 48300 and targets at 48600 – 48700 - 48800 is suggested. Further downside below 48300 could lead to a deeper cut towards 48000 – 47950.
Conclusion:
The trading plan for BANKNIFTY on 10-Apr-2024 suggests potential strategies for different market scenarios. However, traders are advised to exercise caution and implement risk management measures in all trading decisions.
Disclaimer:
The provided trading plan is for informational purposes only and does not constitute financial advice. Trading in the stock market involves risks and individuals should conduct thorough research or consult with a financial advisor before making any investment decisions. The author and publisher do not guarantee the accuracy or completeness of the information provided, and shall not be held liable for any loss or damage arising from reliance on the content of this plan.