BANK NIFTY
Important Levels for 04-01-2022.
The sellers were not able to capitalize and fast buying happened every time the price came down. We expected the prices to consolidate in a tight range and it was the case throughout the day but in the last 30 mins we saw prices moving up and closing at highs.
Volumes do not look that great for the price to sustain, we expect to see some profit booking tomorrow after a 2000 point rally in 3 days.
If we sustain above 37000, we can take longs with SL of 36920 for targets of 37120,37200 and 37280.
Risky traders can short if we see -ve candle with volumes in the first 5 minutes. with a SL of 50-60 points and targets of 36790,36660 and 36500.
Option data is almost neutral with 36500 as major support.
The sellers were not able to capitalize and fast buying happened every time the price came down. We expected the prices to consolidate in a tight range and it was the case throughout the day but in the last 30 mins we saw prices moving up and closing at highs.
Volumes do not look that great for the price to sustain, we expect to see some profit booking tomorrow after a 2000 point rally in 3 days.
If we sustain above 37000, we can take longs with SL of 36920 for targets of 37120,37200 and 37280.
Risky traders can short if we see -ve candle with volumes in the first 5 minutes. with a SL of 50-60 points and targets of 36790,36660 and 36500.
Option data is almost neutral with 36500 as major support.
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