#gapdown

Bank Nifty showed a strong upward trend in Tuesday's trading session, closing at 39894, which is 533 points higher than the previous day's close. Although Bank Nifty opened gap-up, it failed to sustain the opening range and slid down to 39363. However, Bank Nifty took support from this level and moved in an uptrend to the level of 39576 for the second time, but the market could not break this resistance. After spending some time in this range, the market touched the level of 39393 and took support from it. In the third attempt, Bank Nifty broke level 39505, indicating an uptrend in the market as predicted in yesterday's analysis.Analysis of Candlestick Patterns in Daily and 15 Minute Time FrameWhen analyzing the candlestick chart in the daily time frame, it is observed that Bank Nifty closed above the resistance level of 39752, which was previously strong support. It is now acting as resistance, and the new resistance for Bank Nifty varies from 39900 to 40148. If Bank Nifty closes above level 40148 tomorrow, upward momentum in the market is expected, and Bank Nifty may touch the level of 41000 in a few days.Analyzing the candlestick pattern in the 15-minute time frame for intraday trading, the levels of 39456 to 39573 are strong support for Bank Nifty.Option chain analysisOption chain analysis reveals that the maximum PUT writing is at the levels of 39500 and 39000, acting as strong support for the market. The maximum CALL writing is at 40000, 40500, and 41000, which act as strong resistance levels for Bank Nifty.Trade Setup for Wednesday's trading session- if Bank Nifty opens within the range of 39850 to 40047 and spends about 30 minutes in this range, touching both levels once or twice, then breaking the level of 40047 can lead to intraday targets of 40172, 40256, and 40368.- If Bank Nifty opens near the support zone of 39600 and a trend reversal candle, such as a hammer candle, is formed, buying would be recommended. If the trend reversal candle is not formed, then waiting for the market to spend 15 to 30 minutes in this range and then breaking the level can still lead to buying opportunities, with targets of 39752 and 3950.- If the market opens with a large gap-up or gap-down, it is best to wait and watch the price action of the candlestick pattern before taking any trades.I am not interested to short the market at this time or Level.