BANK NIFTY
Important Levels for 05-10-2021.
There was a gap up opening and after the first hour, the index was stuck inside a range of 37600-37760.
If we open flat and start trading above 37765-37780, we can see good momentum and fast moves till 37900 and 38000. SL can be placed at 37700,
If we open with a gap up above 37760 and between 37900, we have to wait for price action and then take positions accordingly.
Similarly, if we open flat or with a gap down below 37600 and continue trading below it, we can short at 37570 with a SL of 37650 for targets of 37440,37340 and 37280.
Any positive price action at 37570-37620 levels with good volumes can also be a trigger to take longs for targets of 37720-37760, 37900 and 38000.
Option data does suggest 37500-38000 to be the expected range but put addition today suggests we can see 38000 sooner than later.
There was a gap up opening and after the first hour, the index was stuck inside a range of 37600-37760.
If we open flat and start trading above 37765-37780, we can see good momentum and fast moves till 37900 and 38000. SL can be placed at 37700,
If we open with a gap up above 37760 and between 37900, we have to wait for price action and then take positions accordingly.
Similarly, if we open flat or with a gap down below 37600 and continue trading below it, we can short at 37570 with a SL of 37650 for targets of 37440,37340 and 37280.
Any positive price action at 37570-37620 levels with good volumes can also be a trigger to take longs for targets of 37720-37760, 37900 and 38000.
Option data does suggest 37500-38000 to be the expected range but put addition today suggests we can see 38000 sooner than later.
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