BANKNIFTY - Trading Levels and Plan for 26-Jun-2024

Considering the chart and various opening scenarios, the following detailed trading plan is formulated for the Nifty Bank Index on 26-Jun-2024. The trading strategies are based on three opening scenarios: Gap Up, Flat, and Gap Down, with a gap opening threshold of 150+ points.

Gap Up Opening (150+ points):

1. If Nifty Bank Index opens above 52,800:
   - Wait for a pullback towards the "Sideways / No Trade Zone" around 52,670. If the index holds this level, initiate a long position.
   - Target 53,082 initially, followed by 53,260 and 53,492 (Profit Booking Zone).
   - Place a stop loss below 52,670.
   
2. If the index opens between 52,670 and 53,000:
   - Look for a retracement towards 52,670 and observe price action. If support is confirmed, enter a long position.
   - Target the profit booking zone at 53,082 and 53,260.
   - Stop loss should be placed below 52,441.
   
3. Avoid entering trades directly at the opening and wait for confirmation of support or resistance levels.
   

Flat Opening:

1. If the Nifty Bank Index opens around 52,630:
   - Monitor the price movement in the first 15-30 minutes.
   - If the index moves above 52,670 and sustains, enter a long position targeting 53,082 and 53,260.
   - Stop loss can be set at 52,441.
   
2. If the index drops below 52,441 after the opening:
   - Look for a shorting opportunity targeting 52,292 and 52,178 (Buyers Support at BoS).
   - Stop loss should be placed above 52,670.
   
3. Avoid trading within the "Sideways / No Trade Zone" until a clear direction is established.
   

Gap Down Opening (150+ points):

1. If the Nifty Bank Index opens below 52,441:
   - Wait for a pullback towards 52,441. If the index faces resistance, initiate a short position.
   - Target 52,292 and 52,178, followed by 52,059 (Buyers Support at BoS).
   - Place a stop loss above 52,670.
   
2. If the index opens between 52,178 and 52,441:
   - Look for a retest of 52,178. If support holds, consider a long position.
   - Target 52,441 and 52,630.
   - Stop loss should be placed below 52,059.
   
3. Avoid entering trades directly at the opening and wait for confirmation of support or resistance levels.
   

Summary and Conclusion:

The trading plan for 26-Jun-2024 focuses on key levels of 52,670 (Sideways / No Trade Zone), 52,441, and 52,178 (Buyers Support at BoS). For a Gap Up opening, the strategy is to look for long opportunities after a pullback to support levels, targeting the profit booking zone. For a Flat opening, monitoring the initial price action is crucial before taking positions. For a Gap Down opening, the approach is to look for shorting opportunities on resistance levels and target the support zones.

Disclaimer:
I am not a SEBI registered analyst. The above analysis is based on personal observations and is for educational purposes only. Please consult your financial advisor before making any trading decisions.