BANKNIFTY, October 26, 2023
Pre-market analysis for Bank Nifty: Possible surprise breakdown on expiry
Bank Nifty followed the descending trendline and support and resistance levels that were plotted yesterday, as expected. No surprise breakouts occurred.
I have plotted fresh support and resistance lines based on historical patterns. Considering expiry tomorrow, Bank Nifty may start with a small gap up or gap down, followed by consolidation with sideways movement. However, given the current market sentiment and trend, a surprise breakdown is also possible.
This is just an assumption, and you should always keep that in mind. Take positions only when there is a clear trend and movement, especially since it is expiry.
If you like my pre-market analysis, please like and comment.
Bank Nifty followed the descending trendline and support and resistance levels that were plotted yesterday, as expected. No surprise breakouts occurred.
I have plotted fresh support and resistance lines based on historical patterns. Considering expiry tomorrow, Bank Nifty may start with a small gap up or gap down, followed by consolidation with sideways movement. However, given the current market sentiment and trend, a surprise breakdown is also possible.
This is just an assumption, and you should always keep that in mind. Take positions only when there is a clear trend and movement, especially since it is expiry.
If you like my pre-market analysis, please like and comment.
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