BANKNIFTY levels for 29th Wednesday ❗❗

28 Eyl 2021

Hii Traders 😊

Welcome to BANKNIFTY Futures and options analysis for 29th Wednesday

🛑 if we see day frame chart of BANKNIFTY we can clearly observe that today's candel which is covered nearly last 3 trading session

🛑 Their was huge selling pressure but buyers were try to pull the things back
🛑 If we see the Day volatility is about 1.3% means which is high and not tradable or suitable volatility for retail traders and fluctuated points is about 1062


🎯 Key levels to watch out for day trader

🛑 Major resistance zone for BankNifty is at 38350-38400 where at this point BankNifty tried to breakout level and
◽ If market breakout resistance then we can see Target of 38550

◽ If banknifty traded above these levels I'm sure that more shorts were get covered in 37500 CE and 37600 CE strikes

◽ Whenever until breakout that resistance level don't trade

◽Above 38150 will be momenum for buyers to control the market until then market will be weaker

◽ Stop loss will be 38150 if market traded below this level then banknifty will be weaker and might be fear can continue


🛑 Major support level for BankNifty

◽ Support level for nifty lies at 37300-37250

◽ Whenever until breakdown this level don't trade

◽Below the 37600 market will be weaker but it is indecisive

◽ if Market successfully breakdown this level then we can take a trade

◽ And we can see the Target 1 will be 37000

◽Target 2 will be 36850

◽ STOP loss will be 37400 where it acting as strong support and resistance

◽Use Target 1 as trailing Stoploss to achieve 2nd target I sure you will not gone loose money for market


🛑levels for banknifty futures will be also same

◽Go long on banknifty Futures if it breakout the resistance

◽ Don't short the market until below the 37600

◽Go short below the support level 37300

🛑 TRADESHOTS

◽ Resistance level for CE buyers /option buyers is at 38350-38400
◽ support zone to buy PUT / PE is at 37300-37250
◽ BankNifty will be weaker on intraday basis below the 37600

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