Current position is LONG on October -16 -2020 at 11749
Action for 22nd October 2020: Continue to hold LONG and reverse to Short if NIFTY closes below 11849 .
( we saw it hit our 11815 reversal on 21st but recovered from there quickly and we continued our LONG again Struggle Zone ).
483/481 was support zone for sunpharma, it coudn't break the support zone decesively and turned upward, sunpharma is showing good bullish momentum and has given breakout to the channel. We could see 502/516/522 levels.
The scrip is moving in a bearish channel, we could get see opportunity around 2185 levels, for further target of 2090, the rejection around 2185 will give confirmation for the move, once sustains above 2190 the trade will become invalid.
Today possible gap up opening in banknifty. No major changes in yesterday's levels. Today expected breakout of the upper resistance. If breakout then we will see a quick rally of 300-400 points after the breakout.
As discussed in queen gambit , 24857 was the level where algos were getting positioned for sell , bank nifty hit a high of 24823 and sold off to form a low at 24099 against our levels of 24079. overall big gains for kings and queens as expected before open.
Support for the day
Resistance for the day 24944
As discussed earlier price moved super bullish and breaks the previous highs. Before moving up it gives clear signal each time.
If someone followed my charts would have ended up with decent profits, don't worry if you have missed it we have opportunities waiting. Get ready !!
Bank Nifty is showing weakness upon reaching Resistance zone (marked basis ERC).
Seems like it can only give fresh upward movement, if price breaches 25,300 and sustains this level at least for a week.
Before saying any thing I must say my hypothesis went wrong as Nifty broke 11820.
Such days are really important in traders life, so, would like to explain what I did, may be my write up will be slightly lengthy, but I felt its necessary to explain such an important happening day for those who are following me. As posted on chart and also in my last posts, I was...