BankNifty is trading at 26540, at 12.25pm, Magic Number to track is 26570 for the day.
Above these levels by 2pm and have crossed 26620 and have traded for 15 minutes by 2.30pm – we may head towards 26660-26720-26770-26840-26880. ANYTHING can happen in markets!
Above these levels by 2pm, but have not crossed 26660, however trading above 26620, if 26660 is crossed by 2.40pm, we may head at least towards 26720-26750.
Above these levels by 2.30 pm, but have not crossed 26620, if it tries to cross in between 2.30-2.50 -26620 and any wild move may touch 26660-26720.
Below 25570 by 2.30 pm, we may see markets at 26460-26440.
If it cracks 26460 by 2.30 pm, and have traded below that for at least 30 minutes prior, then banknifty may head towards 26395-26370-26330
Anything can happen!
BankNifty and Nifty have turned positive for this month expiry, but don’t know for how long.
Is it a trap or trend! time will tell! No predicting!
Bank Nifty stays above 26460-26330 on a closing basis. Bulls have control
Would be looking to track puts only when 26460 is closed for at least 1 or 2 days. Till then not tracking puts. Second Confirmation would trigger only when bears close below 26330 for a day or two, maybe a week too!
If that happens, markets would take into wild swings on the downside but however, if it is unable to break 26410-26330-26180 on a closing basis, it is yet another opportunity to bulls
Let’s wait and watch -how this pans out.
To sum up in easy plain English
Above 26330-26460 – Bulls have control( closing basis)
Below 26330-26180- Bears have control (closing basis)
26330-26460 No trade zone!
All the Best!
Trade less, trade from savings money