scalp3r240

BANKNIFTY [30th December 2020]

NSE:BANKNIFTY   NIFTY BANK
** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **

Good evening! The market rallied on, as speculated in yesterday’s post, but stopped short at a minor hurdle @ 31375. USDINR took support at a Fibonacci level around 73.50 and Stochastics seems to be ready to go up, while BN’s Stochastics remains at an overbought zone. A quick test of 31000 cannot be ruled out.

In case of a GAP-UP, one can go long if the index sustains above 31375 for targets of 31500-31600-31800. If it fails to sustain above 31375, one can look to short for levels mentioned below.

In case of a GAP-DOWN, one can short if the index breaches 31300 for targets of 31200-31000-30950. The trend support line lies around 31200 which should act as a good support. If it manages to take support there, one can look to go long for targets of 31350-31500-31650.

--
“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin