BankNifty Intraday Trade Setup | 29th November

BankNifty opened with a big gap-down due to Covid new variant news and all Global Markets were down. We saw all day selling and BankNifty closed more than 1300 points down near day low.

Trades we took today -

> Bought BankNifty 37000 CE at 350 which we booked with 100 points loss
> Bought BankNifty 36600 PE at 400 which made a high above 800 and Traders booked good profit in this Trade
> Bought BankNifty 36800 CE at 250 which we booked with 50 points loss
> Bought BankNifty 36300 PE at 400 which we booked with 30 points loss

Overall, not a good day for BankNifty Option Buyers.

If BankNifty opens with a big gap-down in the morning as SGX Nifty is indicating, be cautious on the sell-side as BankNifty is oversold and we can see a fast short-covering move.

Expectations for Tomorrow: Volatile Day.

Intraday Levels:
Buy Above 36220
Sell Below 35900

To motivate me, Please like the idea If you agree with the analysis.

Happy Trading!
InvestPro India Team

Trade closed: target reached:

Target Done Both Buying and Sell Side.