Bank Nifty Analysis for 25 Nov 2019
Bank nifty core pivot range for the day remain at 31145-31222. If bank nifty manages to stay below the pivot range for 1 hour , shorting bank nifty for 30980 is viable option. Stop will remain somewhere between the mid range of pivot that is 31180. Range bound day between support of 30980 and pivot range of 31145-31222 will change into a trend day on the break of that range. Going long above 31222 is an viable option with stop around mid range of 31180. Resistance for the day will be around 31317.
My own Trade :
Since Bank nifty is overbought in near term momentum indicators , I'll not try to hold on to any side for long period . I have a short side bias but flexible above top pivot range of 31222. I'll be looking to sell puts near support of 30980 and buy calls above 31222 for quick scalping.
Bank nifty core pivot range for the day remain at 31145-31222. If bank nifty manages to stay below the pivot range for 1 hour , shorting bank nifty for 30980 is viable option. Stop will remain somewhere between the mid range of pivot that is 31180. Range bound day between support of 30980 and pivot range of 31145-31222 will change into a trend day on the break of that range. Going long above 31222 is an viable option with stop around mid range of 31180. Resistance for the day will be around 31317.
My own Trade :
Since Bank nifty is overbought in near term momentum indicators , I'll not try to hold on to any side for long period . I have a short side bias but flexible above top pivot range of 31222. I'll be looking to sell puts near support of 30980 and buy calls above 31222 for quick scalping.