Bank Nifty - Triangle Breakout

29 Dis 2020

If BNF 30945, my target for this week would be 31783. Sorry for the several SR lines :-) But you may see how price tested the levels. All my SR lines are on a longer-term and higher timeframe.
Check all other indicators and parameters before you trade in any instrument. I have published solely for educational purposes.

4 Jan 2021

Nota

After 2 dallying sessions, today the price tested the support 30945 and closed as a strong hammer. 1 hour clearly shows a higher low. Price rallied in the last 30 mins. The futures chart showed good volume. The day was volatile and choppy, but smart recovery was evident. OTM CALL side resistance is 31500 (OI - 1,607,250 with a change in OI 487,500). The next resistance as per OI (Call side) is 32000 with 1,397,550 contracts (change is OI 830,649). If BNF takes out the previous high of 31510 from where it retraced to retest 30945, then a target above 31783 is within reach. I also see the ITM PUT side, which many ignore :-) As of now, ITM OI 31500 looks strong with 410,039 (Change in OI 135625), while 31000 acts as strong support.

5 Jan 2021

Nota

BNF Day started with a false breakdown, then took support around 30945 with minor pullbacks and no look back. After 3 sluggish sessions, the price closed above 31510. My target 30783 is almost achieved today. The price might retest 31510 and may reverse from here.