- Banknifty formed Doji pattern on daily chart and Nifty under performed on Thursday.
- Banknifty reversed from 31080 levels which is weekly pivot for last week and fell almost 150 points.
- Markets are closed near to Max pain level on Thursday.
- Now we are into monthly expiry this week, Global markets are in bearish view because of the corona-virus epidemic issue.
- During the weekend South Korea reported 650 infected cases and raised a red flag.
- Friday SGX nifty closed near 12020, this indicates on Monday we will for sure start with negative bias.
- key support and resistance levels to watch out for Banknifty weekly pivot forming lower low formation (week on week).
- 30760 is weekly pivot levels and key support level to watch out is 30400 level closing, if this level is not supported then we are going down to 30000 level and then 29600
- one can enter long positions only when 31250 is crossed, until then it should be sell on rise rally.
- FIIs were net buyers on Thursday. bought approx 1400 crs but still they are shorting the Index.
- The overall long to short percentage by FII both index futures and option is 36% to 64%
- Monthly Max pain suggesting 31000 level, but we need to see how max pain levels moves based on OI
- Daily CPR suggesting Narrow width which means on Monday Market should be trending.
- Bank Nifty to trade between 31200 to 29800 for this week.
Disclaimer: I am not a SEBI register advisior, The above trade setup is purely based on my own study and analysis. i am not giving suggestions to buy / sell specific options. please consult your financial advisors / do the due diligence before taking any trade.
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