#Nifty
For 20-07-2020
Support for Nifty comes at 10850-10800-10750
Resistance for Nifty comes at 10935-11000-11035
BankNifty
Support for BankNifty comes at 21850-21700-21500
Resistance for BankNifty comes at 22100-22300-22640
Nifty was buy on 15 minutes candle close above 10760 and we got entry at 10805 and exited at our target of 10850. And missed the final rally to 10933. No matter we traded as per our system.
For Monday Nifty is buy around 10900 and even on dips to 10850 with SL of 10800 for target of 11000-11035. Above 11035 Nifty can attempt in next 2 weeks 11150-11244-11350. For all positional trade SL is now 10750. Look to buy on dips do not chase rallies.
BankNifty for the day second resistance was 22062 and it made a high of 22064. Power of technicals. Banknifty was buy near 21400 so we had not got any trade as low is 21550.
For Monday Banknifty is buy on 15 minutes close above 22100 for intraday targets of 22300-22500 SL for that trade will be 21850. Banknifty preferred trade will be buy on dips to 21900-21800 with SL of 21700 for target of 22100-22300. Banknifty on hourly charts given break out from a bullish head and shoulders pattern. Target of which comes around 22500-22600. Banknifty has much more room to catch up then Nifty as it is still trading below its July High of 23080 and retest is possible.
Disclosure: I don't have any position in Nifty and BankNifty futures.
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