BANKNIFTY Levels and Trading Plan for April 15, 2024

In the recent trading session, BankNifty managed to maintain its reversal support levels of 48519 – 48454 despite ongoing geopolitical tensions between Iran and Israel. The market may experience selling pressure due to these tensions, potentially influencing trading strategies for April 15, 2024.

Gap Up Opening: If prices gap up above 48600 and sustain above 48700, watch for rejection near 48750-48770. A break below 48454 could lead to a drop towards the support zone of 48350 – 48300. Further downside movement below 48300 may target 47950 – 47814.

Flat Opening: A flat opening with a decline below 48400 may offer short opportunities, with potential rejection near 48454 and targets around 47949 – 47814. Conversely, if prices rise after a flat opening, consider short trades near 48700 -48750 with targets at 48350 – 48300 – 48000 – 47950.

Gap Down Opening: In case of a gap down opening below 48300, consider short opportunities with a stop loss at 48460 and targets at 47959 – 47818. If prices recover and sustain above 48520, look for buying opportunities with a stop loss at 48450 and targets at 48750 – 48800.

Conclusion: Until prices sustain above 48931, the focus remains on the sell-on-rise strategy.

Disclaimer: Trading carries inherent risks and is not suitable for all investors. The provided analysis serves for educational purposes only and should not be construed as financial advice. It's advisable to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.