Bank Nifty Prediction
We are expecting a big gap up of nearly 200 points. It was bound to happen same day. We would be breaking out from big resistance levels of 16680. A few days back, I clearly wrote about consolidation happening for some time. Now the important point is not to jump in on a big gap up but wait and see the price action before deciding anything. Today is the new weekly commencement and a positive big candle is welcome. It remains to be seen whether we close above some key MA on daily and weekly charts.For a professional trader, its always buy on dips and sell on rise. We have 3 open positions and we will book profits and wait. The idea is to flow with the tide. My experience tells me that most media platforms will give lots of buy trades which in itself is an alarm. People will start talking about 17000 and 17500, but we will follow patterns and data rather than emotions and useless news.
#Nifty. If we open at 16800 as per SgX then we open at redistance levels. So we wait. Support will come in at 16680. Upside is open.
#BankNifty. 36500 is the level to watch. It is the resistance for the weekly trendline. If it breaks and closes above it, then we can expect another 1500 points else we can fall back in our channel of 34700 to 35700.
#Derivative. Data is neutral to bearish, hence be cautious.
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