NSE: Banknifty Intraday Chart 21-Apr-20

BNF found resistence as per our weekly levels, which also identified a range. If resistence is held, the way next is towards the lower side of range.

Overnight news and world indices in red, probable direction was down.

BNF gapped down and went below PDH. Was looking to short. Post first trade BNF went down, but lost momentum midway and retraced above IRL after creating lower lows, where i covered as OTM puts came to my entry levels.

Once IRL was broken entered short which ran immediately.

  • Gap Down Open, Below PDH – opened space for downmove
  • Short trend trade – CPB entry (no profit no loss). BNF moved down but lost momentum, BNF struggled at big round number (BRN) 19500 and Nifty was at BRN 9000.Price pulledback deeply and I covered at entry. OTM puts i traded, price came near my entry and moved above IRL.
  • Short trend trade – BNF went below IRL again and took position in 2 parts, just to ensure any pullback does not hit my sl. The move went in my direction. exited on weak momentum.

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