BANK NIFTY
Important Levels for 13-10-2021.
As we had thought the index made a move immediately after crossing 38460 and we witnessed another new high.
Tomorrow, if we open flat once we cross and sustain above 38625, we can take longs with SL of 38560 for targets of 38760,38860 and 38950. Safe traders should buy when price crosses 38670.
If we see a big gap up, we need to see the price action and then take trades accordingly, mostly any open above 38750, will wait for a -ve candle and then short for targets of 38650 and 38560 with a SL of not more than 50 points. Also will prefer to short only if the price goes below 37220, barring these two scenarios we should not short tomorrow.
If we have a small gap down, 38440-38460 should be a good support area and we can take longs with a 60 point SL for targets of 38560,38650.
As per Option data we have seen heavy put addition at 38500, but overall calls at 38500 are marginally higher. But still data looks more bullish than bearish.
As we had thought the index made a move immediately after crossing 38460 and we witnessed another new high.
Tomorrow, if we open flat once we cross and sustain above 38625, we can take longs with SL of 38560 for targets of 38760,38860 and 38950. Safe traders should buy when price crosses 38670.
If we see a big gap up, we need to see the price action and then take trades accordingly, mostly any open above 38750, will wait for a -ve candle and then short for targets of 38650 and 38560 with a SL of not more than 50 points. Also will prefer to short only if the price goes below 37220, barring these two scenarios we should not short tomorrow.
If we have a small gap down, 38440-38460 should be a good support area and we can take longs with a 60 point SL for targets of 38560,38650.
As per Option data we have seen heavy put addition at 38500, but overall calls at 38500 are marginally higher. But still data looks more bullish than bearish.
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