**Technical Analysis and Trading Strategies for BANKNIFTY on 21-Dec-2023**
Following a pronounced decline in prices on Wednesday, there has been a breach of a swing support level ranging from 47580 to 47504. Consequently, our strategy has shifted to "Sell on Rise" until prices both close and sustain above 47600.
**Strategies for 21-Dec-2023 Trading Session:**
1. **Scenario 1: Prices Opening in Gap Up Above 47320**
- If prices open in a gap up scenario above 47320 and exhibit upward movement, there is potential for them to reach levels between 47504 and 47580. Subsequently, a retracement back to the range of 47250-47200 is expected. Should prices fall below 47200, further downside to the level of 47000 becomes plausible.
2. **Scenario 2: Prices Opening Flat and Facing Resistance at 47300**
- In the event of a flat opening with resistance at 47300, prices may experience a decline to a weak psychological support at 47000. If this level is breached, a subsequent drop to 46757-46711 is conceivable, providing an opportunity for prices to undergo a cooling-off period.
This analysis is aimed at providing traders with strategic insights for the BANKNIFTY trading session on the specified date. It is essential for traders to exercise prudence, considering the dynamic nature of the market, and implement risk management strategies in alignment with their risk tolerance and trading objectives.
Following a pronounced decline in prices on Wednesday, there has been a breach of a swing support level ranging from 47580 to 47504. Consequently, our strategy has shifted to "Sell on Rise" until prices both close and sustain above 47600.
**Strategies for 21-Dec-2023 Trading Session:**
1. **Scenario 1: Prices Opening in Gap Up Above 47320**
- If prices open in a gap up scenario above 47320 and exhibit upward movement, there is potential for them to reach levels between 47504 and 47580. Subsequently, a retracement back to the range of 47250-47200 is expected. Should prices fall below 47200, further downside to the level of 47000 becomes plausible.
2. **Scenario 2: Prices Opening Flat and Facing Resistance at 47300**
- In the event of a flat opening with resistance at 47300, prices may experience a decline to a weak psychological support at 47000. If this level is breached, a subsequent drop to 46757-46711 is conceivable, providing an opportunity for prices to undergo a cooling-off period.
This analysis is aimed at providing traders with strategic insights for the BANKNIFTY trading session on the specified date. It is essential for traders to exercise prudence, considering the dynamic nature of the market, and implement risk management strategies in alignment with their risk tolerance and trading objectives.