Bank Nifty: 27 Oct 2020

Expecting a gap down due to global mkts. We pierced through some crucial levels on 26 Oct. But keeping an open mind about the possible action.

Intraday: Having slightly short bias coming into the day. 

Yet again, we have double distribution areas 24430/24490 and 24155/24180. For any possibility of a reversal, the area around 24100 holds the key i.e. if we gap down but move up, 24100 will be the first indicator of a recovery. On the way down, reactions around 23850 and 23500 are important.