Bank Nifty Analysis for 05/11/2024
For tomorrow, a gap-up opening in Bank Nifty is likely driven by strong option positioning from FIIs..
Key Levels to Watch:
No Trade Zone: 51080 to 51160
Resistance Levels: 51350, 51650, 51780
Support Levels: 51170, 50850
Trade Plan:
In Case of Gap-Up Opening:
Wait for Bank Nifty to hold above 51350. If it sustains this level for 15 minutes, I’ll initiate a long trade aiming for 51650.
At 51650, I’ll consider a short trade with a stop-loss at 51780, expecting resistance to hold in the near term.
In Case of Flat to Slight Gap-Down Opening:
I’ll look to enter a long position around 51170, targeting 51350.
If Bank Nifty sustains below 51080, it signals a short trade setup with a target at 50850.
Note: These levels are calculated with precision—plot them on your chart and trade accordingly.
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