Gap Up Opening:
BANKNIFTY's break above the crucial resistance of 47955 suggests a potential for forming a new all-time high. A gap up opening above the previous all-time high could see prices targeting 48795 – 48800 after finding support at 48520 – 48500. Sustained trading above 48850 may lead to further gains towards 49000 – 49156. Conversely, a correction may occur if prices breach below 48384 and face resistance at 48500, targeting 48200 - 48076 – 48958, offering buying opportunities for the coming days.
Flat Opening:
A flat opening between 48520 – 48384 might see support at 48350 - 48300, with a break above 48520 indicating potential upward momentum towards targets mentioned in the chart (48795 – 49000 - 49150). However, downside breaks below 48380 could lead to sideways trading, with support at 48200. Below 48200, consider buying opportunities at 48076 – 47958.
Weak Opening:
In the event of a weak opening not below 48400, buying opportunities may arise near 48200 with a stop loss at 48100 and targets at 48500 – 48800. Failure to hold support at 48200 could lead to additional buying opportunities within the zone of 48076- 47958, with deeper stop losses below 47875 and targets at 48200 – 48384 – 48500.
Conclusion:
BANKNIFTY's trading plan for April 8, 2024, anticipates bullish sentiments following a breakout above crucial resistance levels. Opportunities for buying are highlighted, particularly on pullbacks towards support zones. Traders should closely monitor price action for potential entry and exit points.
Disclaimer: This trading plan is for informational purposes only and does not constitute financial advice. Traders should conduct their own research and consult with a qualified financial advisor before making any investment decisions.