BankNifty Idea for 25 August, 2022 - Expiry Day Trade Setup
Since the Market showed bullish signs yesterday. There are 2 possibilities.
Red: If the market opens at the same level or a little lower, then market can hit the break out level before reaching the 39200 levels. The level 39200 is an important level since lot of short covering would happen at that level.
Blue: If the market directly moves towards 39200, it might halt there for some time before breaking that level. Once it breaks that level, there is a higher chance we could see lot more short covering.
If the market opens with a big gapup of say 39300-39400, then there will be some amount of confusion created in the market. This might lead to BN moving down towards 39200-39250 levels to take support(hover around in that area till 11-11:30) then the market would decide.
Red: If the market opens at the same level or a little lower, then market can hit the break out level before reaching the 39200 levels. The level 39200 is an important level since lot of short covering would happen at that level.
Blue: If the market directly moves towards 39200, it might halt there for some time before breaking that level. Once it breaks that level, there is a higher chance we could see lot more short covering.
If the market opens with a big gapup of say 39300-39400, then there will be some amount of confusion created in the market. This might lead to BN moving down towards 39200-39250 levels to take support(hover around in that area till 11-11:30) then the market would decide.
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