Try to short (downtrend & correction not yet done in the weekly chart)
4.The gap can act as a resistance
6.possible reversal zone
7.Banking sector looking weak(like high weightage stock like HDFC bank, ICICI bank.....
Disclaimer: Please consult your financial advisor,
- Wipro chart has done a gap filling activity
- trading above 20 day EMA currently around 338
- 365 important gap resistance level
Strategy: Given the chart set up
One may Consider selling Wirpo November expiry Call Option
Strike Price 360
In the range of 4.6 - 5
Lot size 3200
A 3 day close below 20 day EMA would...
Bank Nifty(spot) exactly faced resistance at 25232 where 200 day MA and gap resistance area is present, it recently broke the wedge pattern on the upside and mostly just coming back to retest , watchout for 23900 levels where 50% fib retracement level lies , if sustained further upmove is possible.
Personal view: Bullish as long as 23900 levels hold.