scalp3r240

BANKNIFTY [31st December 2020]

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

Good evening! The index portrayed a clean textbook pull-back until 31000 before rallying back up, fueled by FIIs net buying 3x over of what DIIs sold. The Stochastics bottomed out today itself, in contrast to it remaining in the overbought zone for the past few days. This gives the index more room to move further up. The Technical setup of the chart is too complex at the moment to be speculating with precision but given that Nifty fell short of only 17 points from touching 14000, and 31st being the last day of this, rather, adventurous year, just sheer sentiments could push Nifty to close above 14k , ultimately leaving a sweet aftertaste for the year. If that was to happen, BN could very well rally up to 32000, or even its ATH @ 32600 if there is to be a massive short-covering rally.

In case of a GAP-UP, one can go long if the index sustains above 31375 for targets of 31500-31650-31800-32000. If it fails to sustain above 31375, one can look to short for levels mentioned below.

In case of a GAP-DOWN, one can short if the index is unable to recover above 31200 for targets of 31100-31000-30950-30800. If it seems to be taking support around 31250, one can look to go long for targets of 31375-31500-31700-31800.

Good luck and wish you all a very Happy New Year & hope the coming year more than compensates for the difficulties you have faced in this one. Keep the faith!

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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
Order cancelled: Looks like an unimpressive, mute ending to an erratic year. Wish everyone a Happy & Prosperous 2021!