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NIFTY and BANKNIFTY for 28 Oct 2020

NIFTY and BANKNIFTY moved positively yesterday with a 1% gain in Nifty and 2.88% in BankNifty.

NIFTY for 28 Oct 2020
NIFTY for 28 Oct 2020

For me, it seems there could be a formation of a triangle, The positive momentum may continue for the first hour and then again a downward momentum may begin.

If Nifty crosses 11900 then 12000 is the target which it will try to achieve. 11800 is good support now according to option chain.

Chart Suggests that if 11900 isn’t broken then 11800 can be the target as per the shape formation.

BankNifty for 28 Oct 2020
BankNifty for 28 Oct 2020

Banknifty seems bullish than Nifty when compared now. It reached the resistance and closed near to it.

Option chain suggests that 25000 is a huge resistance which if breaks can lead to a pretty big move. 24000 is good support.

The chart shows that 25238 is the next target and then there is a new high.