Gap Up Opening:
If BANKNIFTY opens above 47,200, it may trade sideways between 47,219 – 47,339. A breakdown below 47,200 could lead to a decline towards 46,964 – 46,900, suggesting a short trade. Conversely, a breakout above 47,339 and trading beyond 47,350 could push prices higher towards 47,657 – 47,761.
Flat Opening:
On a flat opening, if prices find support at 47,000 – 46,964, a buying opportunity could be considered targeting 47,200 – 47,300 – 47,339. If prices fail to hold support at 47,000 and start trading below 46,950, they may drop to 46,632, offering a buying opportunity if support is found at this level.
Gap Down Opening:
A gap down opening below 47,000 could find buying interest at 46,950 – 46,964, with a stop loss below 46,900 for targets at 47,200 – 47,300. Above 47,350, prices may rise towards 47,500 – 47,657. Conversely, prices below 46,900 could decline further to 46,632, presenting another buying opportunity at the bottom.
These analyses are provided for informational purposes only and traders are advised to conduct their own research before making any trading decisions.