BANKNIFTY [23rd December 2020]
** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **
Good evening! The index managed to take support around 29100 and bounced back but with a lack in vigour. At the moment all the highs are being sold by DIIs (and lows bought) while FIIs continue to remain net buyers. Even if the index breaches its 1 wk avg, now around 29940, it will face heavy resistance around 30200. It is important that the index closes above 30200 for 2 or more days consecutively for a chance of resuming the Bull Run. It is crucial to keep an eye at 29080, a decisive breach of which will confirm a further correction up until 26300.
In case of a GAP-UP, one can go long if the index trades above 29750 for targets of 29900-30000-30150. One can also go long for a minor bounce if it takes support around 29600. Any signs of weakness around 29700 should be used as a shorting opportunity.
In case of a GAP-DOWN, one can short if the index breaches and trades below 29600 for targets of 28550-28400-29200-29100. A support taken around any of these levels would signal a rangebound market, allowing you to reverse your short positions for the targets mentioned earlier.
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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
Good evening! The index managed to take support around 29100 and bounced back but with a lack in vigour. At the moment all the highs are being sold by DIIs (and lows bought) while FIIs continue to remain net buyers. Even if the index breaches its 1 wk avg, now around 29940, it will face heavy resistance around 30200. It is important that the index closes above 30200 for 2 or more days consecutively for a chance of resuming the Bull Run. It is crucial to keep an eye at 29080, a decisive breach of which will confirm a further correction up until 26300.
In case of a GAP-UP, one can go long if the index trades above 29750 for targets of 29900-30000-30150. One can also go long for a minor bounce if it takes support around 29600. Any signs of weakness around 29700 should be used as a shorting opportunity.
In case of a GAP-DOWN, one can short if the index breaches and trades below 29600 for targets of 28550-28400-29200-29100. A support taken around any of these levels would signal a rangebound market, allowing you to reverse your short positions for the targets mentioned earlier.
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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
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