Banknifty - at Important levels [ Full Moon Tomorrow

19 paź 2021Banknifty opened the gap up, saw tiny follow up, couldn't sustain at higher levels, and closed in red near its low, forming a Bearish Candle [ Engulfed prior candle entirely ]

Now the price action of today does not look good and did signal caution for the upcoming session.

1. Gap up Opening - Didn't sustain
2. Bearish Engulfing candle at channel resistance.
3. RSI at 70 levels.
4. Full Moon [ 20 Oct -2021] - Price weakness is more frequently seen in the days around Full Moon.

All of the above, signaling a higher probability of a correction in the coming days to come.

Resistance for tomorrow: 39725
For Correction, Prices should trade below this level

Immediate Intraday Support @ 39495
Further support @ 38584 - 38575
Strong support @ 37730 - 37674