What Chart Says:
BankNifty formed a candle on the daily frame.
Behind the scenes:
Advance to decline ratio is around 47:3 in nifty 50
FII invested around 2200 crores into the market
At the time of review, US market was down by 1.69 percent & all european markets were in green. singapore nifty by flat.
What to expect:
We can most probably expect a flat to gap down opening in bank nifty today.
How to trade today:
Today being a day before expiry expect a
probable premium decay day by moving the market within the yesterdays range
1. GAP UP OPENING - First possible resistance is at 35747 and if it is taken out and if it acts as support then we can expect 36452 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 35000. Any of these levels acting as a strong resistance can go short with possible lower targets of 34658.
3. Flat OPENING - 35420 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 detailed & LIVE updates.
Happy Trading !