#banknifty view for 16th Aug'21

NSE:BANKNIFTY   Nifty Bank Index
#banknifty view for 16th Aug'21

Excellent Weekly Closing above 36,000 at 36,169.35, bulls are in full control.

Do you see #banknifty weak?

No, trading above SDMA (5/10/20/50/100) and all trend & momentum oscillators are in buy mode.

What do I do, go long or go short? I don't see any weakness in the market until 35,531 is breached. Till that time, its buy-in dips the market for higher targets.

Do I get a shorting opportunity at higher levels? Yes, might be close to 36,760 to 36,983 areas, with an SL for 200 points.

Where do you see major support for BankNifty ? 35,937 / 35,703 / 35,531

Where do you see major resistance for BankNifty ? 36,446 / 36,584 / 36,760 / 36,851 /36,983

DZ:- 36,089

On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.



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