BANK NIFTY
Important Levels for 17-09-2021
It looked as if it was all preplanned for BN to hit its ATH and it just did that and that too on an expiry day. Once the day is over it looks as if it was such a wonderful trending day but these are the sort of days I personally am not comfortable with. We have almost rallied 1000 points since yesterday but the leading bank HDFC hasn't joined the party yet.
Talking about what to trade tomorrow, we cannot say for sure whether we will scale new highs or see a fall but volume suggests we can go up.
If we open flat or slightly down, any dips to 37700 can be bought with 37630 as SL for targets of 37820,37860 and 38000.
If we open with a big gap down, 37460-37500 can see a good round of buying.
If we open above today's high and keep on trading higher or thereabouts with volumes, we can take longs and trail our SL wisely, but if we open with a gap up and start trading lower, we can short with 50% of our normal quantity with a 50-60 point SL for targets of 37720-37750, 37600-37650.
The up move with such high volumes makes me bullish for tomorrow's session and with the weekend ahead we can see some profit booking in the second half.
It looked as if it was all preplanned for BN to hit its ATH and it just did that and that too on an expiry day. Once the day is over it looks as if it was such a wonderful trending day but these are the sort of days I personally am not comfortable with. We have almost rallied 1000 points since yesterday but the leading bank HDFC hasn't joined the party yet.
Talking about what to trade tomorrow, we cannot say for sure whether we will scale new highs or see a fall but volume suggests we can go up.
If we open flat or slightly down, any dips to 37700 can be bought with 37630 as SL for targets of 37820,37860 and 38000.
If we open with a big gap down, 37460-37500 can see a good round of buying.
If we open above today's high and keep on trading higher or thereabouts with volumes, we can take longs and trail our SL wisely, but if we open with a gap up and start trading lower, we can short with 50% of our normal quantity with a 50-60 point SL for targets of 37720-37750, 37600-37650.
The up move with such high volumes makes me bullish for tomorrow's session and with the weekend ahead we can see some profit booking in the second half.
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