Nifty Bank IndexShort
BANKNIFTY [21st October 2020]
Updated
As expected, the index made a few failed attempts to breach its 50% retracement level @ 24364. It should be ready to go down to its 1 week’s avg. @ around 23500.
LONG, if the index sustains above 24400 for targets of 24500-24700-25230. If the index manages to sustain above 24400, one can positionally go long in the near term for its up-move to 61.8% retracement @ 26311.
SHORT, if the index slips below 24200 for targets of 24000-23800-23700. A breach of 23400 will be bad news for the bulls.
LONG, if the index sustains above 24400 for targets of 24500-24700-25230. If the index manages to sustain above 24400, one can positionally go long in the near term for its up-move to 61.8% retracement @ 26311.
SHORT, if the index slips below 24200 for targets of 24000-23800-23700. A breach of 23400 will be bad news for the bulls.
Trade closed: stop reached
Short view negated with gap up and continued up-move. Short only below 24350.
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