BANKNIFTY tomorrow [9th September 2020]
The index failed to sustain above 23000 and has broken the trend line from yesterday's low. Expecting it to test 22400.
On gap-up opening, above 22800, the index can go up to 22900|23000 where one can look to short with a stoploss @ 23100 for a target of 22600|22500|22400 (critical support level), with Pivot @ 22800.
On gap-down opening, look for above mentioned levels at the bottom to go long for a short pullback. In case 22400 is breached, and is unable to pull back above 22500, the index will head to 22200|21900|21500.
Note:- Given USDINR has retraced quite a bit, there could be a fall (Rupee appreciation) anytime. So, chances of the market retracing some losses cannot be ruled out at this stage. Expiry range revised from 22500-23500 | to | 22500-23000.
On gap-up opening, above 22800, the index can go up to 22900|23000 where one can look to short with a stoploss @ 23100 for a target of 22600|22500|22400 (critical support level), with Pivot @ 22800.
On gap-down opening, look for above mentioned levels at the bottom to go long for a short pullback. In case 22400 is breached, and is unable to pull back above 22500, the index will head to 22200|21900|21500.
Note:- Given USDINR has retraced quite a bit, there could be a fall (Rupee appreciation) anytime. So, chances of the market retracing some losses cannot be ruled out at this stage. Expiry range revised from 22500-23500 | to | 22500-23000.
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