AkashVarma

Banknifty View for 7th October, 2020

NSE:BANKNIFTY   NIFTY BANK
As discussed yesterday, got an early morning move at the resistance

Had previously stated on lowering the quantity of trades as it was expected to be range bound

During the end of the day, we got a clear breakout from our resistance of 22700-22750

And now for tomorrow -

The 1 hour time frame is at a really interesting point,
We have been forming supports and slowing trying to climb up.

22900 (in black) was a previous support which is working as a resistance

23080-23100 will also work as another resistance. Though, these 2 resistances won't be considered to be strong

We are really close to on entering the channel which we had given a breakdown from.

A channel which had been formed from 28th May and culminated on 14th September.

The coming days until the end of the week will be something to really look forward to as a clearer picture would be available by then.

Scenario's -
For Gap Up : Have to look for price action on the 2 resistances (22900 and 23080)

For Flat : Instant selling might bring it to 22700 which was a solid resistance and then take support there

For Gap Down : 22600 will work as a good intermediate support

Unlike the past days, I am not currently certain about the market movements.
Personally trading with a lower quantity and with a tight Stoploss.

Happy Trading!

Comments

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