Bank Nifty Trade Setup for 6th October 2022
Market Outlook is clearly bullish, especially with 
Bank Nifty daily candle making a close above 10 EMA. Now the focus is to identify whether this trend would keep going up or have a pull back to 10 EMA again before continuing the uptrend. (Later has a higher chance of happening.)
- Charts : Bullish (Crossed 10 EMA in daily chart.)
- OI Data : Inconclusive (Especially due to the large call OI presence at 39k even after the bullishness on Tuesday)
- FII Activity : Super Bullish (Significant Long positions added in Options, Massive buying in futures)
Verdict :- Over short term outlook for market is clearly bullish. We should expect a gap opening unless we get a big negative news from global markets. Potential for a pull back to 10 EMA is present in daily chart. Expecting a movement between 39.5k and 38.5k
If the opening is with a gap up, potential for a retest of yesterdays close is high. If it opens flat, we can expect a movement up.
Bank Nifty daily candle making a close above 10 EMA. Now the focus is to identify whether this trend would keep going up or have a pull back to 10 EMA again before continuing the uptrend. (Later has a higher chance of happening.)- Charts : Bullish (Crossed 10 EMA in daily chart.)
- OI Data : Inconclusive (Especially due to the large call OI presence at 39k even after the bullishness on Tuesday)
- FII Activity : Super Bullish (Significant Long positions added in Options, Massive buying in futures)
Verdict :- Over short term outlook for market is clearly bullish. We should expect a gap opening unless we get a big negative news from global markets. Potential for a pull back to 10 EMA is present in daily chart. Expecting a movement between 39.5k and 38.5k
If the opening is with a gap up, potential for a retest of yesterdays close is high. If it opens flat, we can expect a movement up.
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