As discussed yesterday , Bank Nifty found a top at 32024 and traded below decision range for whole day. Bank Nifty found a support near our pivot support level , with an intraday low at 31720 closing right near the decision range.
Decision range for the day
31862-873
Resistance for the day
32018
Support for the day
31721
Expectations
Trend day , close at day high. Resistance to break before 11 am and market rolling up to close at day high.
My trade
I'll be looking for bank nifty to trade above decision range and go long calls. However, if bank nifty opens below decision range I'll wait to go long near support of 31721 and 31569 ( extension due to narrow decision range ).
Rationale for taking long at supports or above decision range
We are witnessing very low volatility range and I'm anticipating a volatility burst tomorrow looking at few other key indicators. I might be completely wrong so traders are advised to have a reasonable stop below decision range.
Decision range for the day
31862-873
Resistance for the day
32018
Support for the day
31721
Expectations
Trend day , close at day high. Resistance to break before 11 am and market rolling up to close at day high.
My trade
I'll be looking for bank nifty to trade above decision range and go long calls. However, if bank nifty opens below decision range I'll wait to go long near support of 31721 and 31569 ( extension due to narrow decision range ).
Rationale for taking long at supports or above decision range
We are witnessing very low volatility range and I'm anticipating a volatility burst tomorrow looking at few other key indicators. I might be completely wrong so traders are advised to have a reasonable stop below decision range.