BankNifty Support&Resistance levels for 6th May Monday

5 mai

Overall Trend: Upward channel with resistance around 49200 to 49250 area and support in the 48650 to 48700 range.
Intraday Analysis:
If the price sustains above 49050 for a while, it may test resistance levels at 49200 and possibly 49250.
Look for shorting opportunities if there's a gap-up opening near the resistance area and if there's rejection observed.
On the downside, support at 48650 to 48700 needs to break for further downside momentum.
49050 serves as an equilibrium point for Monday's trading.
Key Levels:
Resistance: 49200 and 49250.
Support: 48650 to 48700.
Equilibrium point: 49050

Trading Strategy:
Long positions could be considered if the price sustains above 49050 and breaks through resistance levels.
Shorting opportunities may arise if there's rejection near the resistance area, especially on a gap-up opening.
Caution should be exercised if support levels are breached, signaling potential downside momentum.


Long Trade Setup:
Entry: If the price sustains above 49050 for a while and shows strength, consider entering long positions.
Target: Target the resistance levels at 49200 and 49250 for profit booking.
Stop Loss: Place a stop-loss order below the intraday support or immeadiate swing low level, around 48950 to 48900, to limit potential losses if the price reverses.
Short Trade Setup:
Entry: If there's a gap-up opening near the resistance area (49200) and if there's rejection or weakness observed, consider entering short positions.
Target: Target the intraday support levels at 49050 to 48700 for profit booking.
Stop Loss: Place a stop-loss order above the resistance area (49200) to manage risk in case of a sudden upward movement.

5 mai

Note

5 minutes time frame for reference

6 mai

Note

Opening right at resistance area watch out for rejection here for shorting oppourtnities, in case of break out abvoe resistance wait for restest to go long

6 mai

Note

as per my view made a double top pattern on resistance area once red candle formed on second test to resistance area short entry made with stop loss above day high targeting equlibrium point.

6 mai

Trade fermée: cible de profit atteinte

6 mai

Note

Testing resistance area again if rejected another shorting possible here

6 mai

Note

On same resistance area another short entry made

6 mai

Transaction en cours

6 mai

Transaction en cours

Almost there trailing

6 mai

Trade fermée manuellement

trailing stop loss hit done for day 400 points captured in 2 trades

6 mai

Note

target acheived but i exited at immeadiat swing high with trailing stop

6 mai

Note

if you plan the trade and trade the plan it looks simple