Banknifty View for 13th October, 2020

As discussed yesterday, got a clear trade by following price action at the important resistance (24000-24100)

Got a triangular pattern (higher lows and lower highs) on the 5 min chart

We even got the trendline breakdown on the 15 min chart of the previous trend and now we have taken support on the major trendline being followed since 1st October, 2020.

Now for tomorrow -
Important Supreme Court hearing regarding the moratorium case. News will decide the trend

But with respect to technical analysis -

A majority of long SL's are placed at 23050-23150.

23400 can also act as an intermediate support of the 15 min trendline is broken.

A no trade zone can be clearly seen at 23780-23560 (15 min)

Scenario's for tomorrow -
Gap Up - Market can stay in range (24k - 23.7k)

Gap Down - 23.6k will be tested and can be broken

Flat - Price Action to be followed

For tomorrow, a close look should be given to the Supreme court hearing.
All technical analysis fails when the supreme court is up for decisions.

Happy Trading!


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