scalp3r240

BANKNIFTY [22nd July 2020]

NSE:BANKNIFTY   NIFTY BANK
The index remained above 22500 comfortably throughout the day before ending it at 22800, aided by volume-based buying by FIIs in both Cash and Index Futures . The week had started, and taken good support, at 22400 (38.2%) and is likely to move towards 24350 (50%), negating all bearish opportunities on the way. 23100 should act as a pivot for the index tomorrow.

On the upside, the index could test 23100, beyond which it could move directly to 23600.

On the downside, if the index fails to breach and sustain above its recent high of 23080, it might correct back to 22400.

The expiry range should remain between 22000 – 23000.

Comments

if BN opend in pre markit(open 23007 gap up
Reply
Good analysis. 23080 level is crucial for this week expiry.
Reply
scalp3r240 amallavr
@amallavr, thanks! yes, will touch 23080 most likely but not sure after that :/
Reply
amallavr scalp3r240
@scalp3r240, This is still intact. Let's see what happens tomorrow. My bet is bearish.( I may get wrong)
Reply
scalp3r240 amallavr
@amallavr, hey man! hope you got out of your short positions :/
Reply
amallavr scalp3r240
@scalp3r240, BN held above 22750 level so well. So I followed the trend.
Reply
I think it should touch 23000
Reply
scalp3r240 dhondisrikanth
@dhondisrikanth, i agree
Reply
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