Description
⋅ #banknifty analysis for 1st June'2021
Can you ignore the following, if you follow technicals?
1. First time in 11 weeks, BN closed above 35,500.
2. BN is trading above All DMA (5/10/20/50/100/200).
3. All momentum oscillators ( RSI, CCI, ROC, Ultimate Oscillator ) are in buy mode.
4. All trend oscillators ( MACD, ADX, Bull/Bear Power) are in buy mode.
5. Volatitiy (ATR, High/Low(14)) is in buy mode.
6. Pivot Points ( Classical, Fibonacci, Camarilla, Woodie's, DeMark's), price is above pivot point & R1.
If you don't follow technical indicators?
1. First time in 11 weeks, BN closed above 35,500.
2. Bullish engulfing in the daily chart.
3. Rising wedge, if broken on the upside with Gap Up will trigger short covering.
4. Wave 1, 1.618 is 35,524, if the price goes above it, it will move toward 200 % i.e. 36,379 & even higher 2.272 i.e 36,987.
Decision Line:- 35,430
Resistance:- 35,960 / 36,326 / 36,847 / 36,987
Support Zone :- 35,142 / 34,751 / 34,410