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In this post, we will see the possible movement analysis for BANKNIFTY that can happen on 8-March-2021 and the same week.
Points to consider:
Time-frame for analysis -> 15 Minutes
High possibility of Market to open Gap up on 8-March-2021.
BANKNIFTY seem to have broken a small trend line towards upside.
If BANKNIFTY opens gap up and crosses above & sustain above 35550 level then, it can be the Bullish sign. Hence Buy Trade can be taken. (Option traders can Buy Call Option)
The target can be: 35765
If BANKNIFTY does not sustain 35550 level after opening, then wait for it to break 35333 level towards downside & sustain there, then it can be Bearish sign. Hence Short trade can be taken. (Option traders can Buy Put Option)
The target can be: 35045