What Chart Says:
Bank Nifty formed a solid candle at poised a good position to take new highs.
Behind the scenes:
Advance to decline ratio is around 47:3 in nifty 50
FII & DII have both invested of around 2400 Crores together
All the european markets and asian markets were in Green at the time of review
What to expect:
If the market makes flattish open on global clues then we can expect a possible range bound market and today profit booking can be expected, if not we can test 37300/37400 levels
How to trade today:
1. GAP UP OPENING - First possible resistance is at 36550 and if it is taken out and if it acts as support then we can expect 36848 / 37232 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 36015. Any of these levels acting as a strong resistance can go short with possible lower targets of 35754/35570.
3. Flat OPENING - 36368 is the key level to watch out on flat open any at this level we can take positions in the direction of the trend and sit for targets as marked.
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?? Each levels Act can as possible support and resistance????.
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You can also check out the Links in the signature for regular & LIVE updates.
Happy Trading !