Banknifty View for 6th October

NSE:NIFTY   Nifty 50 Index
As discussed in the earlier post,
Was planning to buy the dip but due to gap up opening, it never really touched our area.
Thus, didn't take any fresh trades today.

Analysis -

On the daily chart , we can see a clear profit booking move at the mentioned resistance of 22700

As mentioned earlier, we have spent a lot of time in this range. (8 days between 22700 and 22000)

Personally would advice to take trades in lesser quantities, till we get a breakout or breakdown.

Scenario's -
If we have a gap up then, look for price action on the above resistances
If we open flat to gap down (below 22350) we can see some selling pressure which can go all the way till the supply is met (22000).

Price Action lessons -

The M pattern at a resistance generally tells us that the market is struggling to make newers highs and can lead to a downfall.
Can be traded as a reversal. Got to witness it today. (15min chart)

Happy Trading!
Jai Hind!


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