BANKNIFTY [15th October 2020]
The index took support @ 23200 (1st support itself) and recovered two days’ fall in a single hour. However, the upmove was speculative (SC interest waiver case) w/ relatively less volume, suggesting that there is a higher probability of the index trading at a higher range in the near term (w/ Pivot @ 24000) but with limited upside.
LONG, if the index breaches and sustains above 24050 for targets of 24200-24350. Ideally one should go long around 23650-700 if given an opportunity.
SHORT, only if the index breaches and stays below 23500 for targets of 23200-23000-22800. Ideally one should short around 24000 if any weakness is evident @ 24050.
LONG, if the index breaches and sustains above 24050 for targets of 24200-24350. Ideally one should go long around 23650-700 if given an opportunity.
SHORT, only if the index breaches and stays below 23500 for targets of 23200-23000-22800. Ideally one should short around 24000 if any weakness is evident @ 24050.
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