scalp3r240

BANKNIFTY [21st December 2020]

NSE:BANKNIFTY   NIFTY BANK
** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **

Good evening! 30800 is proving to be a pain once again but it is interesting to note that the index managed to close above its near-term trend support, and its 1 wk avg @ 30640 now, suggesting 30600 would act as a crucial decider on the downside while a sustenance above 30800 will take the index beyond 31000. However, as of now, Stochastics is pointing downwards and a swift test of 30000 cannot be ruled out.

In case of a GAP-UP, one can go long if the index takes support @ 30800 for targets of 30930-31030. Any weakness around 31000/30800 should be used as a shorting opportunity for targets of 30800-30600-30500.

In case of a GAP-DOWN, one can short if the index breaches 30600 for targets of 30500-30350-30200. If the index takes support at any of the mentioned targets, one can reverse & go long for targets mentioned earlier.

** Please Like/Comment with your critical inputs. I might learn a thing or two :) **
Trade closed: target reached: Notable divergence in Stochastics & Candle lows. One can expect a sharp bounce-back. Continue shorting below 30350.