NIFTY and BANKNIFTY for October Expiry

Nifty and Banknifty gave a sharp move downside yesterday. Nifty couldn’t find clear support which seems that the bearishness may continue today and the same will be reflected in BankNifty.

NIFTY for Monthly Expiry October
NIFTY for Monthly Expiry October

Nifty broke yesterday’s support of triangle formation, and also a bigger triangle formation is seen now. As per the charts, it is bearish and with a bearish point of view, I have made the targets which could be hit today.

Downside targets can be 11500 and upside targets could be 11900.

Option chain suggests that 11800 is strong resistance and 11700 is strong support. Comparative writings on both of these prices, resistance seems to be having high built up.

BANKNIFTY for Monthly Expiry October
BANKNIFTY for Monthly Expiry October

BankNifty made an evening star pattern on hourly charts yesterday with a confirmation candle. The trend was thus bearish. For today as per the trendlines, it can be traded.

Option Chain suggests that 24500 being strong resistance and 24000 good support.