BANK NIFTY
Important Levels for 20-10-2021.
A bearish engulfing candle has been formed today in daily chart and that is quite indicative of things to come in near future.
Tomorrow if we open with a small gap up, any -ve price action seen at 39760 levels supported by good volumes can be a good point to enter shorts with SL of 39820 for targets of 39640,39580 and 39500. If we see a flat opening, we can take entry when we see price sustaining below 39600 with a 50 point SL for 39480 as our potential target.
If we open gap down, 39410-39480 can be a good support area as we witnessed strong buying at these levels today, but if we slide below 39400, then 39200 & 39100 can be seen tomorrow itself.
In case of a big gap up, we shall wait for price action and then take positions accordingly.
Option data indicates heavy calls being written today and with 39500 witnessing equal call and put writing we can say it is definitely a bearish sign.
A bearish engulfing candle has been formed today in daily chart and that is quite indicative of things to come in near future.
Tomorrow if we open with a small gap up, any -ve price action seen at 39760 levels supported by good volumes can be a good point to enter shorts with SL of 39820 for targets of 39640,39580 and 39500. If we see a flat opening, we can take entry when we see price sustaining below 39600 with a 50 point SL for 39480 as our potential target.
If we open gap down, 39410-39480 can be a good support area as we witnessed strong buying at these levels today, but if we slide below 39400, then 39200 & 39100 can be seen tomorrow itself.
In case of a big gap up, we shall wait for price action and then take positions accordingly.
Option data indicates heavy calls being written today and with 39500 witnessing equal call and put writing we can say it is definitely a bearish sign.
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