What Chart Says:
Bank Nifty formed a candle on the daily time frame but has taken good support from the PEMA zone
Behind the scenes:
Advance to decline ratio is around 8:48 in nifty 50
FII have pulled out 942 Cr & DII has pulled out 163 Cr from the market
European markets closed flattish at the previous closing session
SGX nifty has rallied 0.41 % at the time of this review
US Market has showed some good recovery signs.
Crude oil is currently trading around $65.6
US 10Yr bond is still making higher highs which is not that good a sign
Dollor index is showing signs of lowering which is a good sign for our market
What to expect:
With global markets showing possible recovery, we can expect a small gap up opening and expect to test the upper resistance and try to form a range bound day on Monday . Watch out for the possible resistances as marked on the chart.
How to trade today:
1. GAP UP OPENING - First possible resistance is at 35681 and if it is taken out and if it acts as support then we can expect 35840 / 36497 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 35188. Any of these levels acting as a strong resistance can go short with possible lower targets of 34893/34471.
3. Flat OPENING - 35496 is the key level to watch out on flat open any at this level we can take positions in the direction of the trend and sit for targets as marked.
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?? Each levels Act can as possible support and resistance????.
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You can also check out the Links in the signature for detailed analysis & catch us on LIVE trading.
Happy Trading !