After the excitement in BANKNIFTY on Thursday, we expect a quieter session on Friday, 24-May-2024. Here’s how to navigate different opening scenarios:
Gap Up Opening
Above 48850: If prices open above this level and sustain for the first hour, they can move up to 49000-49080.
Below 48760: If prices can't sustain above 48850 and drop below 48760, expect sideways trading between 48760-48602.
Below 48550: A drop below this level can push prices towards 48417, which should act as support.
Flat Opening
Near 48700: If prices open flat around this level, expect sideways movement between 48760-48600.
Above 48860: Sustained trading above this level can lead to 49000-49080, and potentially towards 49316.
Below 48600: Sustained trading below this level can cause a retracement to 48417-48400.
Gap Down Opening
Below 48600: If prices open below this level and stay there for the first hour, expect a drop towards 48400 and possibly 48260.
Recovery above 48600: Quick recovery above 48600 might lead to sideways trading between 48600-48760.
Above 48760: Prices could then aim for 49000-49080.
Conclusion: Although a quieter session is anticipated, stay alert for movements based on these key levels.
Disclaimer: Trading involves risk, and past performance is not indicative of future results. Make trading decisions based on your own analysis and risk tolerance.
Gap Up Opening
Above 48850: If prices open above this level and sustain for the first hour, they can move up to 49000-49080.
Below 48760: If prices can't sustain above 48850 and drop below 48760, expect sideways trading between 48760-48602.
Below 48550: A drop below this level can push prices towards 48417, which should act as support.
Flat Opening
Near 48700: If prices open flat around this level, expect sideways movement between 48760-48600.
Above 48860: Sustained trading above this level can lead to 49000-49080, and potentially towards 49316.
Below 48600: Sustained trading below this level can cause a retracement to 48417-48400.
Gap Down Opening
Below 48600: If prices open below this level and stay there for the first hour, expect a drop towards 48400 and possibly 48260.
Recovery above 48600: Quick recovery above 48600 might lead to sideways trading between 48600-48760.
Above 48760: Prices could then aim for 49000-49080.
Conclusion: Although a quieter session is anticipated, stay alert for movements based on these key levels.
Disclaimer: Trading involves risk, and past performance is not indicative of future results. Make trading decisions based on your own analysis and risk tolerance.
Trade closed: target reached