BankNifty Intraday view for 04-10-2021
Good evening all,
Last week: We saw the index move down from an ATH to a swing low from the previous week. But mostly in a range.
Tomorrow: From that low it bounced back and is hovering around the 37200 mark. Problem however is, we still don't see a clear 'Long' Entry till 38000. If it sustains that, then, 38112, 38260, 38360 and the harmonic pattern on daily chart even indicates 38650, that is the 'Looooong' story though. On the 'Short' side, we can comfortably take an entry only after 36885 to see 36740, which, is a strong reversal point. Breach that, and we see 36525 and 36450 (this too is a multi time frame support level).
So;
Long side view:
No clear levels up until 38000
---------------
Short side view:
Sell below 36885
Target 1 - 36740
TSL below this
Target 2 zone 36525 - 36450
(Short SL - 37000)
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Last week: We saw the index move down from an ATH to a swing low from the previous week. But mostly in a range.
Tomorrow: From that low it bounced back and is hovering around the 37200 mark. Problem however is, we still don't see a clear 'Long' Entry till 38000. If it sustains that, then, 38112, 38260, 38360 and the harmonic pattern on daily chart even indicates 38650, that is the 'Looooong' story though. On the 'Short' side, we can comfortably take an entry only after 36885 to see 36740, which, is a strong reversal point. Breach that, and we see 36525 and 36450 (this too is a multi time frame support level).
So;
Long side view:
No clear levels up until 38000
---------------
Short side view:
Sell below 36885
Target 1 - 36740
TSL below this
Target 2 zone 36525 - 36450
(Short SL - 37000)
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
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