Nifty and BankNifty for 20 Oct 2020

Yesterday we have seen that Nifty opened gap up on buying levels and the whole day it was trading in a range and Bank nifty gave a good move upside. The overall market seems bullish and seems to continue today also if the range of Nifty break on upside.

Below is the trendlines chart for Nifty and BankNifty in15Mins timeframe.Nifty for 20 Oct 2020

Nifty is having a support trend line and is forming a triangle in the range. Bullish breakout will easily put Nifty into breaking small resistances and it can easily go for 12020.

The support can be the trend line which if broken, it can easily fall 50 to 100 points. RSI is 62.4 while MACD lines are in equal points along with zero histograms.

Looking into option chain the support and resistance levels are 11800 and 11950 respectively.

 

BankNifty for 20 Oct 2020

BankNifty with a good move given a break out upside. While RSI is having a bearish divergence one should be cautious while trading today. MACD also is not having any signal as both the lines are equal and it could give any signal today.

Option chain suggests that the Support and resistance levels are 24000and 24500 respectively.