Yesterday, we were talking about a 45700 level for the BankNifty, and we reached that point. How we got that was from a simple bottom to peak estimate.
Now that we've seen a run up in the last 6 days, and we've reached that target – we could see some possible profit booking today. Tomorrow being expiry, some may wait till end of day before closing their positions.
Since we're not worried about expiry trades anymore, we can just sit back and watch.
- We have two zones for potential breakout / breakdowns - 45,522 <> 45282 – so let's watch those levels before making any adjustments.
- Well, the market has been going sideways... within the range: