Analysis of Potential Opening Scenarios:
Gap Up Opening:
A gap up opening above 48000 with support at 47978 could see BANKNIFTY trading between 47950 – 48109. Breaking above 48109 may lead to higher levels at 48416 – 48616, while breaking below 47950 could trigger a drop towards 47697 and further to 47460.
Flat Opening:
In case of a flat opening, BANKNIFTY may target the pending swing target of 47978 – 47109. A reversal trade towards 47771 with a stop loss at 47150 could be considered if it trades above 48150. Conversely, trading below 48150 may target 48416 with a stop loss at 48100.
Gap Down Opening:
A gap down opening below 47690, followed by a quick rise above 47800, might lead to targets at 47978 – 48109. Sustaining below 47690 for the first hour could result in a drop towards 47460, targeting 47186 below 47400.
Extended Move:
A move beyond 48416 could extend to 48616 on the upside, while falling below 47460 could target 47186 on the downside.
Conclusion:
BANKNIFTY's movement on May 15th depends on its opening scenario. Traders should observe whether it sustains above key levels or faces resistance, which will influence their trading strategies.
Disclaimer:
This analysis is based on technical observations and historical patterns and does not guarantee future results. Traders should conduct their own research and consider risk management strategies before making any investment decisions.
Gap Up Opening:
A gap up opening above 48000 with support at 47978 could see BANKNIFTY trading between 47950 – 48109. Breaking above 48109 may lead to higher levels at 48416 – 48616, while breaking below 47950 could trigger a drop towards 47697 and further to 47460.
Flat Opening:
In case of a flat opening, BANKNIFTY may target the pending swing target of 47978 – 47109. A reversal trade towards 47771 with a stop loss at 47150 could be considered if it trades above 48150. Conversely, trading below 48150 may target 48416 with a stop loss at 48100.
Gap Down Opening:
A gap down opening below 47690, followed by a quick rise above 47800, might lead to targets at 47978 – 48109. Sustaining below 47690 for the first hour could result in a drop towards 47460, targeting 47186 below 47400.
Extended Move:
A move beyond 48416 could extend to 48616 on the upside, while falling below 47460 could target 47186 on the downside.
Conclusion:
BANKNIFTY's movement on May 15th depends on its opening scenario. Traders should observe whether it sustains above key levels or faces resistance, which will influence their trading strategies.
Disclaimer:
This analysis is based on technical observations and historical patterns and does not guarantee future results. Traders should conduct their own research and consider risk management strategies before making any investment decisions.