Bank Nifty Analysis for 07/11/2024
With today’s U.S. election results in, Trump has secured a clear win, driving the American market to new all-time highs. Nifty touched 24500, but Bank Nifty showed weakness throughout the day. For tomorrow, I'm expecting Bank Nifty to open gap-down.
Key Levels to Watch:
Resistance: 52500, 52640
Support: 52200, 51650
No Trade Zone: 52450 to 52500
Trade Plan:
Gap-Up Near 52500:
This level offers a strong shorting opportunity (buy put) with a target of 52200.
If Bank Nifty holds below 52200 for 5–7 minutes, I’ll add to the short position with a target of 51700.
Gap-Up Above 52640:
No immediate trade; I’ll wait and watch for clear levels.
Gap-Down Opening:
I’ll look to short with a target of 51700.
Note: These levels are calculated precisely—plot them on your chart for direct use. Trade accordingly.
