Wednesday, 1 December 2021

Banknifty trade plan for 2nd December

How did banknifty perform today?

Banknifty gave a good trending move today, as predicted in yesterday's article on the banknifty trade plan.  Banknidty closed above 100 DMA, which is a positive sign for the market.

As Per Gann's method, market change trend after 4th. 9th,16th, and 25th day. Today was the 25th day from the start of the downfall.  On 29th November, banknifty made panic low at 35327.9 whereas Gann 135 degree value was 35345. 

If the market does not break 35345 in the next one or two trading days, we can consider BNF gave a new impulse. In this case, price time square happened on 29th November.  If the uptrend continues, we can expect 38% retracement in the coming days. 

What BNF option chain shows?

Reduction in cost of carry indicates short position closed today. The market is again back to buy mode. However, the tend can be confirmed tomorrow after the market opens. 

MAX Pain is at 36300 

PCR  0.91

Banknifty future 30 min chart 



Banknidty closed above 13, 21,34,55 EMA, which is a bullish sign. 

Next dynamic resistances are 36790 (89ema), 37250 (144 ema) 37750 (233 ema) . 

There is a high probability that the market will witness a mega bull rally before the budget.

Astrological view based on NSE daily chart at 9:15

Tomorrow is Rahu star day, so we can expect huge volatility. I expect a gap up open if the international market supports the move.

Banknifty trade plan for 2nd December

  • Buy Above 36450 Tgt 36610, 36735 and 36845  
  • Sell Below 36198 Tgt 36007, 35815 and 35623 

Monthly banknifty position update

Closed 38500 CE sort and new position created at 38000 CE 

Bought Banknifty future one lot 

The overall position has a negative delta

I planned to buy another future based on market trends during market hours.


 

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