16 Sep 2024 - Bank Nifty Predictions (next Trading Day)

15 Eyl

1. Support and Resistance Levels for the Next Trading Day:
Daily Chart:
Resistance is around 52,000 (close to the high of today's candle). This zone may act as an immediate hurdle if the price opens near this level.
Support is near 51,500-51,600. If the price pulls back, this level could provide support based on previous price actions.

5-Minute Chart:
Short-term resistance is at 51,950-51,990 (today's high).
Short-term support can be identified around 51,800, and below that at 51,635 (low of the day).

2. Next Trading Day Scenario:
Based on today's price action and momentum from the 5-minute and daily charts:
Opening: Likely to open flat or slightly gap up, around 52,000 levels, based on the current upward momentum.

Market Condition:
Morning Session (9:15 AM – 11:30 AM): Likely to open bullish, testing the 52,000 resistance.
Mid-day Session (11:30 AM – 2:00 PM): If unable to break 52,000 convincingly, expect range-bound movement between 51,800 and 51,950.
Afternoon Session (2:00 PM – 3:30 PM): May test higher levels if 52,000 breaks; otherwise, it may consolidate.

Time Condition Comment
9:15 AM-11:30 AM Bullish Test of 52,000 resistance, likely a breakout attempt
11:30 AM-2:00 PM Range-bound Between 51,800-52,000 if no breakout happens
2:00 PM-3:30 PM Bullish/Range-bound If 52,000 breaks, further upward move possible

3. Option Strategy and Strike Selection for Next Trading Day:
Strategy as an Option Buyer:
If the market opens slightly gap up or flat and tests 52,000 resistance early in the session:
Buy Call Option 52,000 CE or 52,100 CE if the breakout above 52,000 is confirmed.
Use a strict stop loss near 51,800 to protect against any sudden reversals.
In case the price gets rejected from 52,000:
Buy Put Option 51,900 PE if the rejection is strong and the price shows signs of falling below 51,800.
Target for the downside would be near 51,600.
Best Strikes to Consider (based on expected moves):

Call Option: 52,000 CE or 52,100 CE for bullish moves above 52,000.
Put Option: 51,900 PE for bearish rejection below 52,000 and targeting 51,600.

Conclusion:
Based on the current setup, 52,000 is a key level for the next trading day.
Bullish move expected in the first session with a potential breakout.
If the breakout fails, be prepared for a range-bound scenario and adjust strategies accordingly.
I hope this gives you a clear and specific idea of what to expect! Let me know if you need any more analysis or support.

Disclaimer: Do Manager your Risk and Money management, Do not Forget to PUT STOP LOSS.