As discussed yesterday Bank Nifty broke decision range 32028 and went down to find support at our level 31807. Low for the day was hit at 31770 and high for the day was 32086.
Decision range for 2nd Dec
31926-31942
As we can see decision range is very close to today's close so we should expect minor afternoon volatility.
Resistance for the day
32098
Support for the day
31782
My trade
I'll be looking to short calls if bank nifty breaks the decision range and look to go long near support.
It might be worth noting that if one wants to go long at support then he/she should keep in mind that 31622 can be an extension target if bank nifty decides to break support for the day.
This additional point is due to narrow range of decision pivots.
Expectation
Range bound , sharp rally in afternoon
Decision range for 2nd Dec
31926-31942
As we can see decision range is very close to today's close so we should expect minor afternoon volatility.
Resistance for the day
32098
Support for the day
31782
My trade
I'll be looking to short calls if bank nifty breaks the decision range and look to go long near support.
It might be worth noting that if one wants to go long at support then he/she should keep in mind that 31622 can be an extension target if bank nifty decides to break support for the day.
This additional point is due to narrow range of decision pivots.
Expectation
Range bound , sharp rally in afternoon