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Nifty and BankNifty for 21 Oct 2020

Nifty had a volatile move yesterday with upside in the first session and downside in the second session. It now seems to have a range-bound move for consolidation.

The resistance is 11944 and support is 11895. Breaking any of the resistance or support can give a good move towards that side. Here is 1HR chart for Nifty with its trendlines and resistances and support.

NIFTY for 21 Oct 2020
NIFTY for 21 Oct 2020

Option chain suggests that the Resistance is at 11900 and support at 11800 for Nifty

Bank Nifty also had a similar move like nifty and seems to be forming a range for weekly expiry.

Here is a 30 Min Chart with trendlines and support and resistance.

BankNifty for 21 Oct 2020
BankNifty for 21 Oct 2020

The options chain for BankNifty isn’t clear for me, seems the expiry should happen near 24500.

There is a negative divergence in RSI for BankNifty which suggests some correction can happen. If Banknifty crosses 24500 then a good upside move with a target of 25200 can be expected.

Have a profitable day.