Gap up Opening above 48300:
Buy if prices take support at 48169 and trade higher above 48279, targeting 48525 – 48601 and 48793.
Short trade near 48500 if prices face rejection near 48524-48600, targeting 48180 – 48200.
Flat Opening:
Buy with a stop loss of 48100 for targets of 48300 – 48500 - 48524 – 48600.
No short trade recommendation until price makes a price action below 47940; hence, both levels at 48100 and 47940 should be considered buying opportunities.
Gap Down Opening below 48000:
Wait and see if prices could sustain above 48120; if it does, consider a buy trade for targets of 448500 – 48524 – 48600 and 49793 as an extended move.
If prices break 47900, look for a short trade only when prices take first support near 47800 and retest 48900 – 48940, then take a short trade with a stop loss of 48000 and target of 47409.
Conclusion:
The trading plan for BANKNIFTY on 25-Apr-2024 suggests buying opportunities with specific support levels and targets provided for potential upward moves. Short trades are recommended under certain conditions, with clear target levels outlined for profit-taking.
Disclaimer:
Trading in financial markets carries inherent risks, and the provided plan serves as a guide for informational purposes only. Traders should conduct their analysis and consider their risk tolerance before making any trading decisions. The plan does not guarantee profits, and traders should use proper risk management techniques to mitigate potential losses.