BANKNIFTY [6th October 2020]
The index might consolidate around 22080-22250 but the dip should be bought as 1 week's avg. is @ 22000 currently with a positive SAR bias and the Stochastics is approaching an oversold zone. The sell-off today by DIIs was not backed by much volume. A closing above 22400 will confirm a resumption in the bull-run. On the contrary, if there is a dip, 22000 will be tested, which should act as a pivot point for the near-term trend.
LONG, if the index sustains above 22400 for targets of 22800-23080. In case of gap-down, one can go long if the market sustains above 22250 for the levels given above.
SHORT, if the index slips below 22250 for targets of 22080-21900, where one should go long for 22250-22400.
LONG, if the index sustains above 22400 for targets of 22800-23080. In case of gap-down, one can go long if the market sustains above 22250 for the levels given above.
SHORT, if the index slips below 22250 for targets of 22080-21900, where one should go long for 22250-22400.
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