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Saishayu Option Scalpers Daily Trades,Educational Hammer followed by Doji in BNF Daily

Hammer followed by Doji in BNF Daily

Guess the Move Ahead…

Bank Nifty managed to protect Day Low today after a hibernating opening. As expected it was about to form an Inside Bar however it has formed a Strong Hammer closing towards yesterday’s High Level. Last 30 minutes were amazing today. It was a low volume controlled environment day on both call & put side. Option prices were not rising much as Sellers were active on both sides. It was tough day for option buyers till 2.30 pm. Later Short covering on both sides triggered some moves, but the real fun began after 2.45 pm. Call writers started covering & triggered good upside closing near day previous Day High. Let’s find out what’s in store tomorrow.

As shared in image below, We have Hammer on Daily TF followed by a bullish doji. This is indicating a day ahead which may trigger Buy on Dip near today’s Day Low. High of 27 Jan 23 will be a resistance in case we have a good rally. Considering an event day, disappointment may trigger a downward rally & we may re-test 39700 level which is yesterday’s low. Looking at technical development, we may see a support around 39700 as Bulls have defended it even on (Adani) News Days! Global factors are not supporting Index to sustain its rise. It will be interesting to see how our markets will react over next 2 days till the event fever gets over. Next week, will be a deciding factor for a directional move to both NF & BNF indexes.

Hammer is following a Doji on Daily TF in Bank Nifty. This image shows major S/R Areas for tomorrow’s Intraday moves.

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