BANKNIFTY : Trading Levels and Plan for 01-Oct-2024

30 ก.ย. 2024

**Intro (Previous Day's Chart Pattern):**

On September 30, 2024, Bank Nifty displayed a downward trend, with significant selling pressure seen around the resistance levels of **53,465-53,408**. The index held the **52,634** level as support, testing this area multiple times throughout the session. While the opening provided some recovery chances, profit booking near **53,694** kept the bulls from maintaining higher levels. The price action hinted at indecision as the market heads into October 1, 2024, with key levels in focus.

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**Trading Plan for October 1, 2024 (Based on Different Opening Scenarios):**

1. Gap Up Opening (200+ Points)

If Bank Nifty opens with a 200+ point gap up and stays above **53,465**, it is likely to encounter resistance around **53,694**. In this case, wait for the first 15-30 minutes to see if prices hold the **53,465** zone. If it does:

1. Enter a long position above **53,465**.
   
2. Target: **54,136**.
   
3. Stop Loss: **53,408** (Hourly close basis).
   

If the price shows rejection around the **53,694** profit booking zone, consider shorting with a stop above **53,694** and aim for a pullback to **53,226**.





2. Flat Opening (Within a 50-100 Point Range)

For a flat opening near **52,989**, expect a range-bound market. Watch the support level at **52,901**:

1. If Bank Nifty sustains above **52,901**, initiate long positions.
   
2. Target: **53,465**.
   
3. Stop Loss: **52,634** (Hourly close).
   

If the price dips below **52,901**, wait for confirmation near **52,634**. If support holds, long positions can be initiated with tight risk management.





3. Gap Down Opening (200+ Points)

In case of a significant gap down of over 200 points, with prices opening near **52,634**:

1. If support holds around **52,634**, look for a reversal and initiate long positions.
   
2. Target: **53,226**.
   
3. Stop Loss: **52,425**.
   

However, if **52,634** fails to hold, expect a further decline towards **52,425** or even **51,934**. In this case, short positions can be taken on the breakdown of **52,634**.





**Risk Management Tips for Options Trading:**

1. Focus on buying near support zones to get the best risk-reward in options.
   
2. If buying call or put options, consider using weekly expiries to capitalize on quick moves.
   
3. Avoid holding positions if the index is moving sideways, as this will erode option premiums quickly.
   

**Summary & Conclusion:**
October 1, 2024, will likely be a crucial day for Bank Nifty, with key levels such as **53,465** on the upside and **52,634** on the downside acting as pivotal points. Traders are advised to watch the price action near these zones before taking any directional trades. The market may provide opportunities for both long and short positions depending on how it reacts to support and resistance levels.

Disclaimer: I am not a SEBI-registered analyst. The views expressed are based on my analysis and are meant for educational purposes. Please consult your financial advisor before trading.