AkashVarma

Banknifty View for 8th October, 2020

NSE:BANKNIFTY   NIFTY BANK
As discussed yesterday, for a flat to gap down opening, we were going to sell till 22600 and then expecting a bounce.

Our plan was almost perfect, the bounce was as expected.

Now for tomorrow :

On the 5 min chart, a clear inverted triangle is being formed.
The range is getting pretty narrow but expecting it to have a sober breakout or breakdown.

It has been a long rally from 20400 to 23000
Nifty has reached to the point of maximum pain i.e 11760-11800 and also it has come up with so many gap up openings and hence, some profit booking should come at this level and spend some days at these levels before breaking for higher highs

Now the Scenario's :
1) For Gap Up Opening : It can take some support in the major channel (discussed in the previous post)
2) For Flat Opening : Wait for the breakout or breakdown of the pattern on the 5 min chart
3) For Gap Down : 22750 will work as support

Being expiry, personally won't take heavy quantity trades as the first half is generally range bound and in the second half we make a trend for the coming week.

Happy Trading!

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