BankNifty Intraday view for 21-01-2021

Good morning all,

Yesterday: Nothing new was visible but the hangover from day before made us meet our short target.

Today: We have a decent pullback of around 23% from the top met on 12th and 18th and can be just the trigger we need for a good south side move. Below 37000, the road to 34000 looks like a highway. On the 'long side' with RSI taking resisting multiple times around the 50-55 mark is potentially good news.

Long side view:
Buy above 38075
Target 1 - 38220
TSL above this
Target 2 - 38370
Target 3 - 38585
(Long SL - 37940)
Short side view:
Sell below 37440
Target 1 - 37265
TSL below this
Target 2 zone 37050 - 37000
(Short SL - 37600)

*** This is a view and not necessarily a trade recommendation ***
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Trade closed: target reached: Short Target 1 achieved

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