Banknifty formed a new channel which has target 31070 nearby.
This is also resistance and Pivot for changing direct for short term at 3020 nearby.
This new channel is not reliable as compare tight and bigger channel.
For tomorrow 11800 to 11820 level is very important. If Nifty will sustain above 11820 then it may test 11900 and if it will able to sustain above 11900 then because of short covering it may test 11940-11950
No trade zone will be 11780 to 11820.
Sustain below 11780 it may test 11750-11700.
Thank x :)
Axis Bank bounced off from rising channel support at 760. That price also seem to be a horizontal support area. If the stock holds on to the channel we can expect a considerable move upwards. Notable resistance is at 820 area where life time high falls as well.
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0.370 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 61.
New trading suggestion:
*There is still a possibility of temporary retracement to...