Yesterday Fiis had pumped in more than 9000 Crores as they knew that the Fed chairman is going to speak Dovish on interest rate hikes. The rally continues way above all moving averages and other parameters. This is a market for you as it has to do its own thing. The point is we have reached overbought levels on daily charts. One needs to be cautious on a big gap up days and today is going to be one of those days.
A good rally is something that gives intermittent dips in between so that others who miss can also join in. The important issue is to see when can we see that dip? As per us it can come anytime. What better day than an expiry day?
Trading is all about following the trend. We will simply follow it.
Nifty. Support is now placed at 18600 and the upside is open.
BankNifty. It should break the resistance of 43500. Support at 42900. 43340 level is going to be a good level decider.
Today is weekly expiry, be cautious.
A good rally is something that gives intermittent dips in between so that others who miss can also join in. The important issue is to see when can we see that dip? As per us it can come anytime. What better day than an expiry day?
Trading is all about following the trend. We will simply follow it.
Nifty. Support is now placed at 18600 and the upside is open.
BankNifty. It should break the resistance of 43500. Support at 42900. 43340 level is going to be a good level decider.
Today is weekly expiry, be cautious.
Make use of Bank Nifty tip on a daily basis.
Banknifty live update cmp 43367 once it crosses 43430 in spot will get a Bullish W pattern breakout on 5 mins time frame which may lead bank nifty towards 43750 minimum and max 44000 intraday confirmation of this move comes once it crosses 43430 spot and once it crosses 43430 that time 43350 acts as support for this move.
| BankNifty - Current Expiry - Critical Option Analytics Data | |||||
|---|---|---|---|---|---|
| Strongest Support | Strengthening Support | PCR | MaxPain | Strengthening Resistance | Strongest Resistance |
| 43400 | 43400 | 0.859904 | 43400 | 43500 | 43500 |
