Bank nifty Update for 20th October 2021

The Banknifty index has given a non-stop rally after the range shift.

The Index has given an impulsive wave and we already know that every impulse has a correction.

Now the Index has a wider range.

If the index opens gap up then we will be selling from the high point of 39,750-39,800

Or

We will consider a short position below 39,390 which is also the previous swing low.

In case the low of 39,000 is broken then bank nifty will fall like anything.

The index can fall to 38,120 and there's going to be a massive blood bath in the market.

Buying will only & only to be considered above 40,100 levels.

High probability trade is on the short side as the risk of hitting stop loss will be less and rewards are going to be huge.

Trade setup
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MAJOR RESISTANCE is : 40,000
MAJOR SUPPORT is : 39,000

Trade Accordingly!