Tuesday, 26 October 2021

Banknifty analysis for 27th October

How did the Bank nifty perform on 26th Oct?

Banknifty consolidated between 41930 and 40900. It was a good day for the straddle sellers as VIX reduced by 4.5%.

banknifty share price 26102021

Banknifty 5 min chart with multi-time fame indicator. CCI indicator shows markets trading with bullish bias but did not give any chance to initiate a long trade.

The market made a low around 11:30 AM  as mentioned yesterday's post.

BNF 1 hour line chart

banknifty chart trading view

In a one-hour time frame, BNF consolidated between 40018 and 39627. It gave impulse on 21st Oct around 13:15 PM. Wave structure will remain till it is trading above 40401. 

BNF trading plan for 27th October:

Bullish trade above 41617. 

Bearish trade below 39500. 

It is advisable to avoid positional short in a strong bullish market. 

Astrological view

The market might make a panic low during early trading hours. 

I might not trade tomorrow based on a personal horoscope setting.

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