BANKNIFTY tomorrow [9th September 2020]
The index failed to sustain above 23000 and has broken the trend line from yesterday's low. Expecting it to test 22400.
On gap-up opening, above 22800, the index can go up to 22900|23000 where one can look to short with a stoploss @ 23100 for a target of 22600|22500|22400 (critical support level), with Pivot @ 22800.
On gap-down opening, look for above mentioned levels at the bottom to go long for a short pullback. In case 22400 is breached, and is unable to pull back above 22500, the index will head to 22200|21900|21500.
Note:- Given USDINR has retraced quite a bit, there could be a fall (Rupee appreciation) anytime. So, chances of the market retracing some losses cannot be ruled out at this stage. Expiry range revised from 22500-23500 | to | 22500-23000.
On gap-up opening, above 22800, the index can go up to 22900|23000 where one can look to short with a stoploss @ 23100 for a target of 22600|22500|22400 (critical support level), with Pivot @ 22800.
On gap-down opening, look for above mentioned levels at the bottom to go long for a short pullback. In case 22400 is breached, and is unable to pull back above 22500, the index will head to 22200|21900|21500.
Note:- Given USDINR has retraced quite a bit, there could be a fall (Rupee appreciation) anytime. So, chances of the market retracing some losses cannot be ruled out at this stage. Expiry range revised from 22500-23500 | to | 22500-23000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.