Banknifty view for 1st October,2020

As planned yesterday, for a flat opening, it tested the support (21300) and we got a good trade of around 150 points

Later, it entered the range and stayed there till the end of the trading session

On the 5 min chart, a clear uptrend was formed since 10am. It got respected, till the end of the day

In the 15 min chart, we even got the break from the downtrend.

On the 1 hour chart, we can clearly see a wedge pattern forming, which means a strong uptrend once 21800 is cleared.

Dow Jones has made a stellar recovery after retesting it's support and will also help us to recover.

SGX Nifty is trading a lot higher and we can expect a gap up opening tomorrow.

Scenario's -
1) Tomorrow being expiry and the last trading day of this week, expecting the first half to be sober and simple with a continuation of a range bound market
Then, in the second half we will decide a trend for Monday.
Expecting to follow the global markets and maintaining a positive bias

2) Oct 5th is the moratorium hearing by the Supreme court and hence wouldn't suggest any positional trades for monday.

Happy Trading!
Jai Hind