Banknifty looks weak. Inverted Cup and Handle Pattern is seen on chart. Short Banknifty for targets up to 21300. SL - 21700
Good Morning sir's Bank Nifty Index does not move a lot in June and July month since Nifty 50 was making higher high which was a clear sign of banking sector weakness. For the August series, there is 2 Very Important Level in Bank Nifty Index. 21600 to 21700 is the resistance of this range and 20940 to 20900 is the support area. Breakout or Breakdown will decide...
Hi There! We can observe a channel pattern here which is respected from the beginning of June. As you can see, BANKNIFTY tried to break the 50% level but was rejected and fell to 75% retracement level. It could try to retrace again tomorrow (at least to 61.8% - around 200 points) but could fail again as the contracts expire tomorrow and there could be...
Bank Nifty spot took support near important levels of 21000-20900. A good buy zone. With rising RSI on hourly chart and channel formation on daily chart, it's a good long with SL below 20900. The near term target is 24000.
Leave your views in comments....
this chart is only for day traders. next few sessions going to be interesting. plan your trade and trade your plan.
Let me know your views. BankNifty has broken from a rising wedge pattern. Breakdown from the solid line is very close to the apex and may not result in a major downtrend. However, if you consider the breakdown from the dashed line, its around the 2/3rd area from the base / start of the wedge. Breakdown near 2/3 of the wedge formation give a larger fall! Lets wait...
Banknifty 15 min charts has crab pattern formation the prz of which is 21400-21200. Tomorrow opening is going to be very important for further direction in the index. For intraday, if we flat opening sustaining above 21400 can see move towards 21550, however expect the trending move only above 21560 levels. On the flip side , if see gap down opening below 21200...
BANKNIFTY SUPPORTS & RESSISTANCE
Thanks for coming to this update. Before you start reading kindly hit that like button and follow. It motivates me to keep doing such work for free. Thanks BankNifty was trading in a descending triangle formation (in the previous trading session) which is generally bearish. The base of the triangle is a swap zone which has been tested as support resistance...
no 1 is having clear market direction right now, except ULTRA MAX PRO PLUS players😂. there is only uncertainty is the certainty - RJ (2020)
so wait for more confirmation, give stock time to come in your setup.
Banknifty above 21700 can move towards 22295 or 22677 levels View will be negated below 21485 levels.
Most of the time we usually see, SL hunting nr to support and resistance, by HFT. this area dominated by HFT. but also this area is critical for us, we get great R/R. so my approach is trading nr to S/R, i wait for retest. this method is very effective, this works for me. most of the time.
Tomorrow may be bearish in BankNifty levels for 23.06.2020.
If the trend line break, we can expect a huge fall.
Short Bank nifty if levels of 21142 to 21083 are breached Target near 20883
Bank Nifty is Bullish on today's intraday Keep Moving SL