Hello traders.
Banknifty has given a good upside rally in last 5 days. And it has also given a breakout of the parallel channel in which it was traveling since 13 trading sessions. Now price has reached 50% retracement of the total fall which started on 25 Oct 22. For today's session.
1. In flat condition wait for any dip towards upper portion of purple channel trend line, which banknifty gave breakout yesterday. As it is a dynamic level so finding exact point is difficult but looks like 37350-37280 zone. Buy CE position of next expiry here, with 40 point sl. Scenario will be same in case it opens gapdown above this point. keep ur targets small upto 37650.
2. For taking any put position wait for the price to go below 37000 then only we will take put position for a target of 36000, unless wait.
3. Positional traders wait for price to go above 38050 then go long for a target of 38850 which Is the 61.8% retracement level ( VERY VERY IMPORTANT LEVEL)
And play in today's expiry.
Always find good risk to reward ratio trades. That's the key to success.
Banknifty has given a good upside rally in last 5 days. And it has also given a breakout of the parallel channel in which it was traveling since 13 trading sessions. Now price has reached 50% retracement of the total fall which started on 25 Oct 22. For today's session.
1. In flat condition wait for any dip towards upper portion of purple channel trend line, which banknifty gave breakout yesterday. As it is a dynamic level so finding exact point is difficult but looks like 37350-37280 zone. Buy CE position of next expiry here, with 40 point sl. Scenario will be same in case it opens gapdown above this point. keep ur targets small upto 37650.
2. For taking any put position wait for the price to go below 37000 then only we will take put position for a target of 36000, unless wait.
3. Positional traders wait for price to go above 38050 then go long for a target of 38850 which Is the 61.8% retracement level ( VERY VERY IMPORTANT LEVEL)
And play in today's expiry.
Always find good risk to reward ratio trades. That's the key to success.
