Following a sharp correction similar to NIFTY, BANKNIFTY may exhibit sideways to muted trading on May 10th. Key levels and scenarios for the day are outlined below:
Scenario 1:
If BANKNIFTY opens above 47800 and holds 47820 within the first hour, an upward move towards 48000 – 48084 is possible, with potential resistance between 48100 – 48900.
Sustaining above 48100 could lead to trading between 48360 – 48478.
Scenario 2:
Opening below 47300 and sustaining below this level may trigger a follow-up drop towards 46988 – 46850, with a possibility of trend reversal within this range.
Important Trading Levels:
For Long Trades: Buying between 47500 – 47362, with a stop loss at 47300 and a target of 47851.
For Short Trades: Selling near 48100-48000, with targets at 47800 - 47600 and a stop loss at 48100.
Conclusion:
The trading plan for BANKNIFTY outlines potential scenarios and levels for trading on May 10th. Traders should remain vigilant, adapting their strategies as per evolving market conditions.
Disclaimer:
Trading involves risks, and the provided plan serves as informational guidance, not financial advice. Traders should conduct thorough research and seek professional advice before making any investment decisions.