Since the last 15 days, benchmark indices have been trading in the broad range of 17400-16800, with 50 points here and there. Today looking at SGX NIFTY we are expected open 150+ which means NIFTY will test the upper end of this range 17450-470. It is not going to be an easy NIFTY to clear this range without the support of BANKNIFTY and global markets. My guess is that if we fail to cross the upper end of range then we may again go back till 17350-300 levels, which in my opinion very strong levels to renter longs. In coming weeks I expect NIFTY may test 17800 levels, so for me this is buy on decline market unless we break critical levels on closing basis.
On the other side BANKNIFTY posted a very strong close yesterday and it has broken out of range on the upside. I feel AXIS and SBI may lead, and if ICICI Bank support BANKNIFTY is heading for 40500 in this 20th Oct expiry. We are expected to open 300-400 points gap up and after that any pullback towards 40000 would be good entry opportunity. Lot of CE writers are already on backfoot the way 39800 level broke yesterday. So expecting good CE unwinding above 40000 in BANKNIFTY. Expecting trending day with buy on decline strategy.
Cheers, Good Trading Day and donot forget to check our intraday Bank Nifty option tips on a daily basis.
On the other side BANKNIFTY posted a very strong close yesterday and it has broken out of range on the upside. I feel AXIS and SBI may lead, and if ICICI Bank support BANKNIFTY is heading for 40500 in this 20th Oct expiry. We are expected to open 300-400 points gap up and after that any pullback towards 40000 would be good entry opportunity. Lot of CE writers are already on backfoot the way 39800 level broke yesterday. So expecting good CE unwinding above 40000 in BANKNIFTY. Expecting trending day with buy on decline strategy.
Cheers, Good Trading Day and donot forget to check our intraday Bank Nifty option tips on a daily basis.
