Bank Nifty Update for Tomorrow | 7 August 2020

Price action is likely to either Range or Break below 21472. Very likely to see another test to the bottom - 21025.
I think, Gap Up will result in Range and Gap Down will result in Bearish day and testing Support at 21025.

Comment:

Price open Gap Down and it was filled quickly. Gap Down was a test to the Support and price got a good buying pressure their which resulted atleast 2nd leg up.

As you can see that, Price has formed Invese Shoulder and Head. I expect price to test the resistance (21925) today.

I made +74 points today. I took a long because of
1 - Inverse Head and Shoulder
2 - It broke above Support level of 21680, and made a pullback.
3 - It was also respecting the bull channel.