BANK NIFTY
Important levels for 03/10/2022.
Last session we saw a good intraday move on the upside and we closed after facing resistance at the old seller reference. Looking at the charts from a weekly point of view we are still not above the composite profile.
For tomorrow, if we open flat all we need to do is wait unless we get a clear picture of who i in control as we see an immediate seller reference at 38929-39091 and buyer reference at 38444-38591. So till we rotate inside these zones I would prefer to wait.
For longs, once we open flat and trade above 39091 we can take positions with a 60-80 point SL for initial targets of 39318, followed by the old seller reference area of 39521-39740.
For shorts, once we break and sustain below 38444, we can look for targets of the buying reference of 37956-37749.
Last session we saw a good intraday move on the upside and we closed after facing resistance at the old seller reference. Looking at the charts from a weekly point of view we are still not above the composite profile.
For tomorrow, if we open flat all we need to do is wait unless we get a clear picture of who i in control as we see an immediate seller reference at 38929-39091 and buyer reference at 38444-38591. So till we rotate inside these zones I would prefer to wait.
For longs, once we open flat and trade above 39091 we can take positions with a 60-80 point SL for initial targets of 39318, followed by the old seller reference area of 39521-39740.
For shorts, once we break and sustain below 38444, we can look for targets of the buying reference of 37956-37749.
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