BANKNIFTY INDEX FUTURESViés de alta
BANK NIFTY
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Important Levels for 14-09-2021
There was no range extension in either side after the first hour and we witnessed a sort of a rangebound day. 36620-36670 which was the previous support zone now has developed into a classic "support becomes resistance" example and now shall act as the resistance zone.
36570 being the POC will continue attracting the price towards itself unless we see a good influx of volumes.
The current price action looks +ve but longs shall only be taken only when price starts sustaining above 36720 levels will SL of 36650 for targets of 36840,36930 and 37000.
Risky traders can buy a small portion if we cross and sustain above 36670 level with tight SL and that too trailed aggressively.
Will like to take short entry if we see resistance at the marked zones with a 50-60 point SL and aim for targets of 36550,36480 and 36410. SL should be trailed aggressively.
But if we open gap down and price sustains below 36400 we can see 36300, 36220 and 36130 levels also.
Option data suggests bearishness with huge call addition at 36500.
I will be in with a slightly +ve bias and take trades as per the day develops.
There was no range extension in either side after the first hour and we witnessed a sort of a rangebound day. 36620-36670 which was the previous support zone now has developed into a classic "support becomes resistance" example and now shall act as the resistance zone.
36570 being the POC will continue attracting the price towards itself unless we see a good influx of volumes.
The current price action looks +ve but longs shall only be taken only when price starts sustaining above 36720 levels will SL of 36650 for targets of 36840,36930 and 37000.
Risky traders can buy a small portion if we cross and sustain above 36670 level with tight SL and that too trailed aggressively.
Will like to take short entry if we see resistance at the marked zones with a 50-60 point SL and aim for targets of 36550,36480 and 36410. SL should be trailed aggressively.
But if we open gap down and price sustains below 36400 we can see 36300, 36220 and 36130 levels also.
Option data suggests bearishness with huge call addition at 36500.
I will be in with a slightly +ve bias and take trades as per the day develops.
Nota
Update: I will be in with a neutral bias as the upward movement late in the day was fueled only by Kotak Bank and HDFC bank has almost closed at day's low and at a support area. If HDFC Bank is not able to hold and stay above 1554 we may see a fall in banknifty too.
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