Banknifty is turning out to be tricky to trade.
Here is a weekly chart with Fibo.
Note :
1. Banknifty in range 21000 to 22900 for last nine weeks. Its almost flattened out with the latest week in indecisive doji pattern.
2. Lot of supply seen at 0.618 fibo retracement.
Accordingly , 21000-21500 seems to be good entry point for positional trades to go Long.
Banknifty will be in trouble if it breaks 20800.
Here is a weekly chart with Fibo.
Note :
1. Banknifty in range 21000 to 22900 for last nine weeks. Its almost flattened out with the latest week in indecisive doji pattern.
2. Lot of supply seen at 0.618 fibo retracement.
Accordingly , 21000-21500 seems to be good entry point for positional trades to go Long.
Banknifty will be in trouble if it breaks 20800.