BANKNIFTY [20th October 2020]
The index managed to retrace, and close above, 78.6% of its recent fall @ 24200. It has decisively broken the upper trend line, suggesting the index will most probably trade at a higher range in the near term. However, 50% of the index’s retracement of its fall from its all-time high lies @ 24364 where it will most likely face resistance and retrace a little. The small dips may be bought into to push the index up (thru price-action) to a higher supply zone.
LONG, if the index sustains above 24000 for targets of 24200-24350-24500.
SHORT, if the index trades below 24364 for a target of 24200-24000-23800.
LONG, if the index sustains above 24000 for targets of 24200-24350-24500.
SHORT, if the index trades below 24364 for a target of 24200-24000-23800.
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