So as we studied yesterday "the Intraday trend was up" and that reflected today.
However, must note that this move came as a short covering before the expiry. Also, we did not close above 25600 yet.
My view of a sharp pull back is still intact.
The technicals are also not confirming the momentum. We need to cross 25600 and that too on a sharp move.
Buyers outnumbered sellers with 14.5 million volume but also felt pressure from upwards. Looks like Smart Money is booking profit on every bounce.
Intraday Levels for Nifty:
Support 25477
Resistance 25600
Same happened in #BankNifty. I don't believe the move of today unless this help us achieve new high on the index.
BankNifty levels:
Support 57117
Resistance 57534
Won't be opening any new positions. Will use the bounce for profit-booking. Like Institional players.
That will be all for the day. Take care. Avoid MTF.
However, must note that this move came as a short covering before the expiry. Also, we did not close above 25600 yet.
My view of a sharp pull back is still intact.
The technicals are also not confirming the momentum. We need to cross 25600 and that too on a sharp move.
Buyers outnumbered sellers with 14.5 million volume but also felt pressure from upwards. Looks like Smart Money is booking profit on every bounce.
Intraday Levels for Nifty:
Support 25477
Resistance 25600
Same happened in #BankNifty. I don't believe the move of today unless this help us achieve new high on the index.
BankNifty levels:
Support 57117
Resistance 57534
Won't be opening any new positions. Will use the bounce for profit-booking. Like Institional players.
That will be all for the day. Take care. Avoid MTF.
TrendX INC
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
TrendX INC
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.