Global Cues -
Dow Jones has consolidated after having breakdown of the support channel of 28100-28000 and took support at 27250-350 channel and moving towards it's support which can now act as a resistance. 7 days until the US election and we can already witness the volatility.
E100 has broken it's support on the downside but has made a strong bullish candle back to it's range.
Our market report - Kotak and ICICI lead the rally today with the former's news of acquiring Induind Bank. RIL also joined in the second half to take both indexes to highs and closing the day at the top.
Banknifty has reached it's crucial level of 24800-820 resistance and today's closing at the day's high signifies the positive momentum.
Scenario's for tomorrow -
Gap Up Opening - A gap up which clears the resistance will almost instantly flushout any shorts left in the system. Trading a 5 min breakout will be advisable as a gap up might rush it towards the 25100 resistance.
Flat to Gap Down Opening - Depending on the price action, a consolidation might be present within the range of 24800-24600.
Price action should be given utmost importance as trading within the range of 24600-24350 can result in high premium decay.
24600 would ideally be the perfect place to buy a dip for targets of 25k.
Happy Trading!
Dow Jones has consolidated after having breakdown of the support channel of 28100-28000 and took support at 27250-350 channel and moving towards it's support which can now act as a resistance. 7 days until the US election and we can already witness the volatility.
E100 has broken it's support on the downside but has made a strong bullish candle back to it's range.
Our market report - Kotak and ICICI lead the rally today with the former's news of acquiring Induind Bank. RIL also joined in the second half to take both indexes to highs and closing the day at the top.
Banknifty has reached it's crucial level of 24800-820 resistance and today's closing at the day's high signifies the positive momentum.
Scenario's for tomorrow -
Gap Up Opening - A gap up which clears the resistance will almost instantly flushout any shorts left in the system. Trading a 5 min breakout will be advisable as a gap up might rush it towards the 25100 resistance.
Flat to Gap Down Opening - Depending on the price action, a consolidation might be present within the range of 24800-24600.
Price action should be given utmost importance as trading within the range of 24600-24350 can result in high premium decay.
24600 would ideally be the perfect place to buy a dip for targets of 25k.
Happy Trading!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.