BankNifty Support&Resistance levels for 14th May Tuesday

Banknifty today closed at important resistance area from where selling came in the morning after market open it checked the 47900 area and fell,if tommorow opens flat we need to see price action here with any bearish price action consider shorting options.Immeadiate support will be 47600 if this voilates 47300 is next one(these can be targets if 47900 area rejects ). In anycase if price sustains above 47950 consider long option target 48100,48250,48300 areas above.

Key Levels:

47950 resistance
47600 support
47300 support
47000 support

Note: These levels can act act as reversal areas please check price action when price over mentioned levles.

Comment:

Opening flat here either you wait for it test support areas or higher side resistance and check for rejection or breakouts on those levels , othere areas in my view dont trade

Comment:

at resistance bearish engulf pattern formed entry short

Trade closed: target reached:

Target acheived at immeatiate support

Comment:

do not short here on 47600 area until it breaks down rather look for long option if price action suggests positive consider long targetting day high area

Trade active:

as said abvoe went long on 47600 area target day high

Comment:

Trade closed: target reached:

Comment:

For tommorow 15th May also this 47950 could act as resistance only above this it will test 48100,48250,48350-48400 area above and immeadiate support area is 47600 area.Plan acoordingly with levels

Comment:

Opened at resistance area today 47950 area

Trade active:

short on resistance

Trade closed: target reached:

Comment:

Traded between Resistance and Support today opened at resistance rejected fell to support area and then consolidated whole day