AkashVarma

Banknifty View for Oct. 5th

NSE:NIFTY   Nifty 50 Index
As discussed yesterday, we had a gap up opening and at the opening rate itself we broke the 15 min resistance. (View earlier post for reference)

A perfect wedge pattern was at play (discussed in earlier post)
Personally, got a clear trade after the 5 min breakout for about 200 points.

Now, for Monday i.e 5th October, 2020

A trend has been formed on the 15 min chart and we can clearly see a pause taken between 22050-22100.

Previous major resistance of 21550-21700 will work as current support

*Will prefer to buy the dip on Monday whenever price comes between this range. (22050-22100)*

On the daily chart , we had previously spent 8 days within a range of 22700-22000. (Sept 9th - Sept 18)
Thus, next strong resistance is at 22700

News will have a huge impact on the markets.
Supreme court's decision will indeed decide the trend.
If it's with the banks then, expecting Banknifty to outperform Nifty as it's lagging behind right now.

If it's against the banks, then the 22000 flip level will be broken on the downside.

Made some changes, and added a 4 hour time frame instead of the 1 hour time frame.
Reason for the change - Market volumes are the highest between 9:15-10:15 and then in the second half (after around 1:00 pm)
Thus, a 4 hour time frame helps to predict and analyse the price for the upcoming session.

Jai Hind!
Happy Gandhi Jayanthi in advance!


Comments

Thank you bro
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