Bank Nifty Analysis for 28/10/2024
Although my expertise in fundamentals is limited, I reviewed ICICI Bank’s quarterly results, which look solid. Based on this, I anticipate a possible gap-up for Bank Nifty. However, global sentiment remains subdued, with widespread negative news and the Dow Jones closing down around 0.6%.
Key Levels to Monitor:
No Trade Zones: 50530 to 50400 and 49900 to 49800
Critical Level: 51050
Resistance: 51050, 51250, 51580
Support: 50400, 50200, 49900
Trading Strategy:
Gap-up Opening:
If Bank Nifty opens with a gap-up, it’s expected to encounter immediate resistance around 51050.
My plan is to enter a short position at 51050, setting a stop-loss at 51250.
Should Bank Nifty sustain above 51050 for 15 minutes, a breakout is probable, potentially driving short-covering toward 52000.
Gap-down Opening:
In the event of a gap-down, the support range between 50500 and 50400 becomes significant.
If Bank Nifty holds below 50400 for 15 minutes, expect possible downward moves to 50200, 49900, and even 49400.
Note: These levels are based on the Bank Nifty spot chart and have been carefully calculated. Plot them on your chart to follow the outlined trade plan precisely.
