BANKNIFTY [9th December 2020]

With no impactful news/cues globally, the market just used the day to erode time value of options today keeping it as balanced as possible. The index’s 1 wk avg. lies @ 30000 now, which will act as a crucial pivot in the coming days.

SHORT, if the index breaches 30050 for targets of 29900-29800-29650-29500. Below 29500 the index might try and find support around 29200-29000.

LONG, only if the index sustains above 30600 for a target of 31000. I expect heavy resistance around 30600, an ideal place to risk a short.