What Chart Says:
Bank Nifty formed a candle on the day chart and closing well above the previous session high
Behind the scenes:
Advance to decline ratio is around 21:29 in nifty 50
FII data looks to as i dont have the data at the time of review
European markets opened in green at the time of review
Crude oil is currently trading around $65.71
US 10Yr bond is showing some signs of selling pressure
USD/ INR is showing signs of lowering which is a very good sign
What to expect:
Bank Nifty formed a kind of bulish day candle by clsoing above the pema zones and well above the previous session. Tomorrow being expiry and Thursday being holiday we can expect bank nifty to possibly have a gap up opening & trade in a range.
How to trade today:
1. GAP UP OPENING - First possible resistance is at 36077 and if it is taken out and if it acts as support then we can expect 36379 / 36600 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 35705. Any of these levels acting as a strong resistance can go short with possible lower targets of 35544/35275.
3. Flat OPENING - 36865 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 & LIVE updates.
Happy Trading !