Banknifty opened the gap up, saw tiny follow up, couldn't sustain at higher levels, and closed in red near its low, forming a Bearish Candle [ Engulfed prior candle entirely ]
Now the price action of today does not look good and did signal caution for the upcoming session.
1. Gap up Opening - Didn't sustain 2. Bearish Engulfing candle at channel resistance. 3. RSI at 70 levels. 4. Full Moon [ 20 Oct -2021] - Price weakness is more frequently seen in the days around Full Moon.
All of the above, signaling a higher probability of a correction in the coming days to come.
Resistance for tomorrow: 39725 For Correction, Prices should trade below this level
Immediate Intraday Support @ 39495 Further support @ 38584 - 38575 Strong support @ 37730 - 37674