As expected in yesterday's commentary we did see a pullback in 
NIFTY and it also closed below yesterday's support.
Today again we have a supply candle in the index. Sellers have exceeded Buyers by 62 million volume. You can also see on chart that momentum is also falling Which means selling can continue.
However, tomorrow is weekly expiry so more of a tight Sideway day is expected.
Support would be 25395 and Resistance 25495. If breaks above this and settles for few hours then 25600 would be next target. If we drift below the support then 25333 is the next crucial point downward.
For
BANKNIFTY the next Support is 56100. Resistance at 57280.
I am not opening any new positions just doing momentum trading like I did in
SAIL today. Will be doing same until the Pivot Low is created at weekly support.
CNXPSUBANK Index still on momentum so keep it on radar and find out a good setup.
That will be all. Take care. Have a profitable tomorrow.
#Learning is Earning 📚
NIFTY and it also closed below yesterday's support.Today again we have a supply candle in the index. Sellers have exceeded Buyers by 62 million volume. You can also see on chart that momentum is also falling Which means selling can continue.
However, tomorrow is weekly expiry so more of a tight Sideway day is expected.
Support would be 25395 and Resistance 25495. If breaks above this and settles for few hours then 25600 would be next target. If we drift below the support then 25333 is the next crucial point downward.
For
BANKNIFTY the next Support is 56100. Resistance at 57280.I am not opening any new positions just doing momentum trading like I did in
SAIL today. Will be doing same until the Pivot Low is created at weekly support.CNXPSUBANK Index still on momentum so keep it on radar and find out a good setup.That will be all. Take care. Have a profitable tomorrow.
#Learning is Earning 📚
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.