BANKNIFTY INDEX PRICE ACTION EXPECTATED FOR THE DAY

23 oct 2020

INDEX SUMMARY

-BANKNIFTY IS IN A STRONG UPTREND
-V SHAPE RECOVERY VISIBLE IN HOURLY CHART
-INDEX IS FORMING A BASE ABOVE 24200 IS A STRONG SIGNAL FOR BETTER THINGS TO COME
-EXPECT HIGHER IMPLIED VOLATILITY TILL NOV 4TH
-WE ARE TRADING ABOVE 24200 FOR 4 DAYS NOW
-YESTERDAY INDEX MADE AN INSIDE BAR
-INDEX SUSTAINING ABOVE THIS LEVELS INDICATE STRENGTH
-ANY CORRECTION TOWARDS 242250-24150 IS A BUYING OPPORTUNITY
-INDEX IS CREATING HIGH HIGHER AND HIGHR LOW FORMATION FOR 4 CONSECUTIVE DAYS
-WORRIED ABOUT THE BANKNIFTY PREMIUM SHOULD COME DOWN FOR A GOOD SMOOTH RALLY
-CRUCIAL SUPPORT COMES IN @24200
-CRUCIAL RESISTANCE COMES IN @24850-24870
-NO DASH TRADES TO DAY 24850-24870
-WAIT AND WATCH APPROACH IN INDEX

BANKNIFTY FUTURES DASH TRADE

-IF INDEX CROSSES ABOVE 24740

BUY@24750
STOP@24300
TARGET-1@24900
TARGET-2@25080
QTY=200

BANKNIFTY RESISTANCE FOR THE DAY
25200-24870-24740 ( FUT )
BANKNIFTY SUPPORT FOR THE DAY
24380-24200-23950 ( FUT )

SCREENSHOT