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NIFTY and BANKNIFTY for 27 Oct 2020

NIftand Banknifty gave a good move yesterday after breaking out the triangle.

NIFTY for 27 Oct 2020
NIFTY for 27 Oct 2020

It is possible that nifty can open with a gap up or gap down. It’s much possible that yesterday’s low will break.

The option writing is heavy on 11900 and 11800 being a zone to decide. Support is seen on 11700 but the writing isn’t seen so much support.

As per the chart, Nifty is having a down channel in as seen in 15 mins chart. Levels as well are drawn for easy trading.

BankNifty for 27 Oct 2020
BankNifty for 27 Oct 2020

BankNifty is having a similar move as Nifty and is running in a downward channel.

Optin chain suggests 24000 deciding zones and 24500 as resistance and 23500 as support.

So today’s opening will be much of importance to trade with. Having kept the channel in the mind will give profitable trade.