Gap Up Opening:
Consider buying if BANKNIFTY opens above 48300 and sustains with support at 48200, targeting 48531 – 48621 with a stop loss at 48150. Short trades can be considered if the price sustains below 47950, targeting 47824 – 47574.
Flat Opening:
If BANKNIFTY opens flat and sustains above 48177 for the first trading hour, consider buying with targets at 48300 – 48531 – 48621. Short trades can be initiated if the price breaks down below 47824, targeting 47574, with a reversal trade possibility and a stop loss set 70 points below the entry point.
Gap Down Opening:
In case of a gap down below 47900, consider buying if the price takes support near 47824-47800, targeting 48209 – 48304. Short trades can be initiated if the price starts trading below 47800, targeting 47574 with a stop loss at 47900.
Conclusion:
The trading plan provides guidelines for buying and shorting opportunities based on the opening price and key support/resistance levels. It emphasizes setting appropriate stop losses to manage risk effectively.
Disclaimer:
Trading in the stock market involves risks and may not be suitable for everyone. The trading plan provided is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consult with a financial advisor before making any trading decisions.