Bank Nifty Analysis for 02/11/2024
Despite Dow Jones closing around 200 points up and GIFT Nifty gaining around 100 points on Friday, I anticipate a gap-down opening for Bank Nifty tomorrow due to weak GDP data.
52200 is a key level for the week.
Resistance levels are 52200, 52400, and 52570.
Support levels are 51800, 51570, and 51200.
Gap-Down Scenario:
If Bank Nifty opens gap-down, it may find support at 51800. I’ll plan a short trade below 51800, targeting 51570 and 51200.
Gap-Up Scenario:
If Bank Nifty opens near 52200, I’ll plan a short trade targeting 51800.
Sustained Move Above 52200:
If Bank Nifty sustains above 52200 for 15 minutes, I’ll switch from bearish to slightly bullish and initiate a long trade targeting 52400 and 52570.
These levels are based on spot prices. Plot them on your chart and trade accordingly.