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30min BNF Charts with Price Action Markings.

World Market is having a Index specific move and not moving in general sync.

As i mentioned on Friday that it is not necessary that a last movement 2% fall will have continuity.

Based on past 70 days Price action if BNF sustains above 23150 on 30min chart then going long would be advised.

For scalping one can consider 10/15min chart as if it crosses 23150 then a quick 50-60 points may follow.

Yesterday Market was in solid zone of 23080-22750 (20-30 points plus/minus). Hence, if sustaining below 22750 on 30min chart then shorts can be considered but remember 22450-22550 has a very strong support so the downfall could be limited till that level.

MY BIAS:

Probability of BNF today is that it can stay between 23400 to 23080 only and only if it sustains and opens higher.

Otherwise we can see the same range of yesterday i.e. 23080-22750. Once the range settles then option selling would be more beneficial as premiums need to settle.

Please trade accordingly and based on your interpretation and conviction #NIFTYBANK