BANKNIFTY [7th September 2020]

CASE 1 (Gap-up opening) :-
Long only if breakout is strong and volume-based at 23500.
24000 2nd target
23600 1st target
Pivot -- 23200
23000 1st target
22900 2nd target

CASE 2 (Gap-down opening) :-
Try to short as close as possible to 23000.
23500 2nd target
23200 1st target
Pivot -- 22800
22400 1st target
22000 2nd target

CASE 3 (Flat opening) :-
The day will be utilized to eat away on the time value of options with rangebound movement.
23500 2nd target
23200 1st target
Pivot -- 23000
22900 1st target
22800 2nd target

Note:- Expecting a gap-down opening owing to the sell-off in the US and European indices. Expecting expiry range for the week to be between 22500 & 23500