BANK NIFTY 14JAN LEVELS
Summary BN 13Jan Trading session
1. Downside Trendline (drawn yesterday chart) breakout gave a good downside move and target.
2. Even when SGX Nifty was trading 100 points up opening candle gave a downside breakout. This was expected considering a bearish doji on 12 Jan daily chart.
3. 38400 was tested thrice and did not break and last session formed a W pattern
4. Again Nifty and Bank Nifty didnt move in sync
5. Nifty closed session after a bullish move up.
6. However daily chart on Bank Nifty closed with a bearish candle
Plan for 14 Jan
1. Nifty breaks 18200 amd Bank Nifty 38400 i will buy Put 38400 and target of 38300 and 38200 while upside 38500 has heavy put writing and on the upside breakout i will look at going long only above 38625 else risk to reward is narrow
2. Levelsand price action at these levels will be closely watched
1. Downside Trendline (drawn yesterday chart) breakout gave a good downside move and target.
2. Even when SGX Nifty was trading 100 points up opening candle gave a downside breakout. This was expected considering a bearish doji on 12 Jan daily chart.
3. 38400 was tested thrice and did not break and last session formed a W pattern
4. Again Nifty and Bank Nifty didnt move in sync
5. Nifty closed session after a bullish move up.
6. However daily chart on Bank Nifty closed with a bearish candle
Plan for 14 Jan
1. Nifty breaks 18200 amd Bank Nifty 38400 i will buy Put 38400 and target of 38300 and 38200 while upside 38500 has heavy put writing and on the upside breakout i will look at going long only above 38625 else risk to reward is narrow
2. Levelsand price action at these levels will be closely watched
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