Banknifty View of 9th October, 2020

As discussed yesterday, we took support on the major channel and had a good up move

On the daily chart a clear inverted hammer has been formed. Similar to that on 5th October, 2020.
But in the previous case we got a gap up opening and the follow through selling after the hammer wasn't there.

Scenario's :
For Gap Up -
Would personally not take any trade as we have had a really relentless rally and some profit booking or correction is expected.
Still, if we are breaking 23400 then can expect some momentum. Chances of this are really low and should be avoided.

For Flat Opening -
This would be the ideal scenario, after the breakdown of the 5-15 min chart, will definitely short. First target would be around 23000 and then the major flip level of 22700. But 23k should be targeted.

For Gap Down -
This means that the markets have taken in the same logic as we have but we should not directly jump onto it. Wait for proper price action on the 5 min chart and take the decisions.
Bias for tomorrow - Short, if flat or a gap down opening. Level to focus - 23070

Happy Trading!


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