BankNifty Intraday Trade Setup | 10th May

BankNifty opened with a gap-down around 34225 and after making a low around 33925 we saw a bounce which took BankNifty to above 34550 but that acted as a rejection zone and we again saw a fall towards 34100 zones.

Trades we took yesterday-

> Bought BankNifty 34200 CE at 390 which we booked at 370 with 20 points loss
> Bought BankNifty 34000 CE at 430 which we booked at 410 with 20 points loss
> Bought BankNifty 34100 PE at 440, it went above our 1st Target of 490 and Traders booked profit
> Bought BankNifty 34000 CE at 400, it went above our 2nd Target of 460 and Traders booked profit
> Bought BankNifty 34100 PE at 410 which we booked at 360 with 50 points loss
> Bought BankNifty 34000 CE at 390, it went above our 1st Target of 430 and Traders booked profit
> Bought BankNifty 34300 PE at 390 which we booked at 345 with 45 points loss
> Bought BankNifty 34500 CE at 380which we booked at 330 with 50 points loss

Overall, it was not a good day for BankNifty option buyers.

Tomorrow if BankNifty breaks 34600 on the upside, we can expect an up-move.

Expectations for Tomorrow: Range-bound day.

Intraday Levels:
Buy Above 34600
Sell Below 34000

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

Happy Trading!
InvestPro India Team

Commento:

1st Target Done.

Trade chiuso: obiettivo raggiunto:

Buy Trade triggered and 1st Target done.