Expiry Special Analysis for 24th Sep'2020.
#banknifty OI down by -2.14% and price down up 0.19 %, which indicates fall was used to do close the short positions.
Cracks are visible in the index, if we don't get a bounce in the next couple of days, we might slip big very fast.
Question IS:-" Did we take support from the strong support zone? ", it will only get answered in the next few days.
Don't read much into the last 45 mins pullback, as these were short covering, which pulled up the index a bit.
The uptrend channel which started on 16th June (19,507), the price got closed below in the channel 6th time, which again is not a bad sign.
And in the last 3 weeks, we are closing in red on weekly basis, which is again a very bad sign.
Decision Zone 21,045 - 21,199, below is bearish, and above is bullish.
If 20,630 - 20,732 zone breaks, then the lower target is 19,507 & 18,540.
What I see in the market on expiry day, is a dead cat bounce, which might take the market to 21,450, extended to max 21,730.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Cracks are visible in the index, if we don't get a bounce in the next couple of days, we might slip big very fast.
Question IS:-" Did we take support from the strong support zone? ", it will only get answered in the next few days.
Don't read much into the last 45 mins pullback, as these were short covering, which pulled up the index a bit.
The uptrend channel which started on 16th June (19,507), the price got closed below in the channel 6th time, which again is not a bad sign.
And in the last 3 weeks, we are closing in red on weekly basis, which is again a very bad sign.
Decision Zone 21,045 - 21,199, below is bearish, and above is bullish.
If 20,630 - 20,732 zone breaks, then the lower target is 19,507 & 18,540.
What I see in the market on expiry day, is a dead cat bounce, which might take the market to 21,450, extended to max 21,730.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
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