BankNifty is trading at 26950, Markets are unable to trade above 26060 and close above for next few days will make bears come back for some time.
However, Bears need to close below 26960 for at least 3 days to weekly expiry for any comeback. However, bears may try to trade downwards for intraday or for a day or two days and may try to come near 26840-26770-26660
For this week or monthly expiry, anything below 26660 decisive close will make bears to start their game which they have almost lost for the month expiry.
let’s see how bears and bulls battle out.
Bulls on the other side, require to keep the magic number above 26960, and if they are capable of keeping that number on a daily basis or until next weekly expiry i.e 19/7/18.
They would be in a better state.
Global Markets direction and results season has started! need to see how the fundamental news pans out!
The technical levels go like this
Will track 26900 Call option – need to trade above 60 -160-220-280-320
For the week, they need to close above 160 for any comeback.
Close below 160 on Friday, Monday, Tuesday and wednesday – will make bulls tough battle to move upwards
Magic Number is 160 and 60 -Close below and above will decide the direction
Will track 27000 Put options to trade above -40,80,110,160,180,230,260,340.
Magic Number is 110 and 40, need to close above and below for any direction for the week.
Don’t Predict the markets, Just have a strategy and trade
All the best
Trade less, trade form savings money