Nifty Bank IndexUpdated BankNifty Intraday view for 28-09-2021
Good morning all,
Yesterday: We saw a new ATH due to a opening with a huge gap. It did not sustain though and started retracing after 15 mins. We however did make around 200 points in that time frame. And this, was an exact reversal from the point we had marked as a PRZ.
Today: The room on top as you see, is congested with a lot of resistance areas being built up. While the index did make new ATHs over last few sessions, the movement hasn't created enough room for us to be safe and comfortable. So trade with care if you go long. Good chances are that the index stays within the 38350 and 38000 range. If it does break the 38975 level down, then we a see a good 150-200 point move.
So;
Long side view:
NO CLEAR LEVELS
---------------
Short side view:
Sell below 37975
Target 1 zone 37860 - 37825
Target 2 - 37760
(Short SL - 38075)
** Also remember, NO MORE SLM ORDERS **
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Yesterday: We saw a new ATH due to a opening with a huge gap. It did not sustain though and started retracing after 15 mins. We however did make around 200 points in that time frame. And this, was an exact reversal from the point we had marked as a PRZ.
Today: The room on top as you see, is congested with a lot of resistance areas being built up. While the index did make new ATHs over last few sessions, the movement hasn't created enough room for us to be safe and comfortable. So trade with care if you go long. Good chances are that the index stays within the 38350 and 38000 range. If it does break the 38975 level down, then we a see a good 150-200 point move.
So;
Long side view:
NO CLEAR LEVELS
---------------
Short side view:
Sell below 37975
Target 1 zone 37860 - 37825
Target 2 - 37760
(Short SL - 38075)
** Also remember, NO MORE SLM ORDERS **
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Note
Target 1 achieved on the short sideNote
Target 2 achieved on the short sideTrade closed: target reached
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