Technical Analyst, owner of TRADEMANIAC
I discussed in all batches of Saturday and Sunday, scalping should be taken from Friday's closing, if banknifty took support at Friday's low. If Friday's low is broken, free fall is expected. .It is not a matter of catching 600 points in option trading using the entry point I mentioned yesterday and the exit procedures that are taught in class. Even many students have made profit of Rs.10000, 12000, 15000 in 1 lot, 2 lots. This is what I want to teach you to enjoy the rally.
Because of the SVB (Silicon Valley Bank) news's collapse, Bank Nifty is seeing panic selling. While decreasing to 6.4%, inflation is still above the RBI target, which is bad. So, in order to avoid a technical trap in option trading, it is now sufficient to calculate entry and exit points as well as distinctive support and resistance utilising an advanced price action approach before identifying false levels, the day's trend, and range. Now that you are aware that Bank Nifty is oversold, you may prepare for some small short covering. So, the Bank Nifty Index may open today near 39800 and attempt to advance towards 39982. But because the trend is down, keep an eye out if the Bank Nifty drops below 39844. It might then fall to 39454 and 39265.