#Nifty
For 27-07-2020
Support for Nifty comes at 11150-11090-11037
Resistance for Nifty comes at 11244-11300-11377
BankNifty
Support for BankNifty comes at 22417-22300-22000
Resistance for BankNifty comes at 22850-23000-23211
Nifty on Friday below 11140 expected levels were 11100-11060 and it made a low of 11090. But as I said it will be choppy and both break out and break down will likely to be failed. So my idea to avoid Nifty trade was right.
For Monday Nifty is bullish till it trading above 11150 for intraday target of 11200-11240. Now range is very well defined 11050 on downside and 11250 on upside. We need one side clear break to trade. Till then sell below 11150 for target of 11100-11060. Buying can be done only around 11050 with stop loss of 11000 or a close above 11250 for targets of 11350-11400.
BankNifty was buy on dips to 22940 but it opened at 22840 so there was no buy trade. Below 22750 it was about to go down to 22500-22300 and it made a low of 22417. But as I said avoid short trade. So no trade was taken by me.
For Monday range of 22700-22850 has multiple resistances. But I think it will open around 22800-22850 and then can move to 23000-23200. From last 3 days while Nifty is trying to remain near 11200(courtesy Reliance) Banknifty is making lower highs. Now banknifty is buy above 22850 for target of 23000-23100 or it can be bought on dips to 22500 with Stop loss of 22300. Banknifty should be sold only close below 22300.
Banknifty above 23211 can attempt 23400-23500. That should be the maximum upside in this expiry.
Disclosure: I don't have any position in Nifty and BankNifty futures.
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