Nifty Bank IndexLong
BANKNIFTY tomorrow [10th September 2020]
The index has taken support at its bottom trend line and closed above its 78.6% level @ 22222. If 22200 is not breached, the index might try and retrace up to its 61.8% level @ 22866, which is where, coincidentally, its 1 week's avg. also lies. So a pullback to 22750-22900 can be witnessed on expiry.
On gap-up opening, if the index manages to sustain above 22400 for sometime, it may test 22500|22800|22900. In case of short-covering, the index could even spring to 23300 (critical resistance level). Pivot would be @ 22400
On gap-down opening, today's low @ 22080 (critical support level) would be tested, a breach of which will break the bottom trend line, confirming further correction, and take the index down to 21900|21600. Pivot would be @ 22200
Note:- The chart construction is with a bias of a positive movement. However, it will benefit short-sellers alike to identify levels to short in case my speculation goes totally wrong. All the best!
On gap-up opening, if the index manages to sustain above 22400 for sometime, it may test 22500|22800|22900. In case of short-covering, the index could even spring to 23300 (critical resistance level). Pivot would be @ 22400
On gap-down opening, today's low @ 22080 (critical support level) would be tested, a breach of which will break the bottom trend line, confirming further correction, and take the index down to 21900|21600. Pivot would be @ 22200
Note:- The chart construction is with a bias of a positive movement. However, it will benefit short-sellers alike to identify levels to short in case my speculation goes totally wrong. All the best!
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