Tomorrow is weekly expiry. Let us discuss what bank nifty can do tomorrow, what is possible bank nifty target for tomorrow (22 July 2021)
What happened today in Bank Nifty?
In the last 3 days, Bank Nifty has already made a correction of 1600 points and closed at 34415. Bearish sentiment is evident in the market.
What are the levels for upcoming days?
Tuesday we have closed above the support level of 34350. This area should act as major support. Because many times (6/7) we have taken support and resistance at this level. Next support comes around 34000 level. It is also a big round number. If we think upside there is a resistance at 34900-35000 area.
What is Bank Nifty Target for Tomorrow and how to trade?
Tomorrow is weekly expiry. Bank Nifty has already corrected 1600 points. There is a chance that Bank Nifty show some upside momentum.
Tuesday market made a range between 34350 and 34580. If the market opens between the range then we can trade the breakout of the range. If it crosses 34350 our target should be 34000. It crosses above 34580 our target should be 34850. But you need to be very careful because today is expiry.
There are other possible scenarios. If the market opens gap up around 34580 level and make bearish price action we can short. If the market opens gap down and make bullish price action we can go long.
(P.S. : This view is only for educational purposes. Please trade at your own risk.)