Bank Nifty Analysis for 11/11/2024
Tomorrow, I expect Bank Nifty to open gap-down, reflecting a bearish trend on the daily timeframe. This week, 51,640 will be a critical level to monitor closely.
No Trade Zone: 51,900 - 52,000
Resistance Levels: 51,650 / 51,900 / 52,000 / 52,200
Support Levels: 51,500 / 51,350 / 51,000
Trade Strategy Based on Opening Scenarios:
Flat or Slight Gap-Down Opening:
Short Setup: Look to initiate a short trade targeting 51,500 and 51,350.
Additional Short Opportunity: If Bank Nifty sustains below 51,350 for 5-10 minutes, consider a further short entry with a target of 51,000.
Slight Gap-Up Opening Around 51,650:
Short Setup: If Bank Nifty opens near 51,650, plan a short trade targeting 51,500 and 51,350.
Long Setup: If Bank Nifty sustains above 51,650 for at least 15 minutes, this could confirm a long setup with a target toward 51,900.
Note: These levels are calculated with precision. Plot them on your chart to prepare for tomorrow’s trades and follow the plan accordingly.
