Scenario 1: Gap Up Opening at 46900:
A gap up opening at 46900 suggests potential sideways movement with support around 46846. A breach below 46800 and sustained trading beneath it may indicate a short opportunity, targeting 46485 – 46400 with a stop loss at 46850. Conversely, sustained trading above 46900, particularly beyond 46980, could lead to an upward move targeting 47219 - 47339.
Scenario 2: Flat Opening:
In the case of a flat opening, expect trading to range between 46846 - 46980. Consider a buying opportunity near 46850 with a stop loss at 46800, targeting 47000-47200 – 47339. A failure to hold support at 46800, followed by trading below this level, suggests a short opportunity with a stop loss at 46850.
Scenario 3: Gap Down Opening Below 46600:
If the market opens with a gap down below 46600, look for an initial buying opportunity near 46485 – 46450 with a stop loss at 46400, targeting 46800 – 47000. However, a breach below 46400 could signal a short opportunity with a stop loss at 46450, targeting 46076.
These strategies are subject to market conditions and should be adapted based on real-time price action and risk management principles.