Bank Nifty Trade setup for 06 MAY 2022
Bank Nifty Trade setup for 06 MAY 2022
Bank Nifty formed a inside day bar on daily time frame closing around previous day low.
The CPR is bearishly aligned for tomorrow with formation of continous descending CPR for fourth consecutive session. Closing is below the next day CPR & hence tomorrow CPR will act as a strong resistance.
GAP UP Opening :
In case of Gap up opening, 35453 should act as a first resistance to watch out. Any resistance around these we can expect BN to again test Previous day low & further levels.
GAP Down Opening :
In case of Gap down opening below PDL, we can expect first support around 35000 levels & S1 getting compromised we can expect 34792 & lower Target1 & Target2.
Flat Opening:
In case of flat opening, we will wait for rejection from PDL & go short or a support at Previous day low we can go for quick scalp to CPR.
Bank Nifty formed a inside day bar on daily time frame closing around previous day low.
The CPR is bearishly aligned for tomorrow with formation of continous descending CPR for fourth consecutive session. Closing is below the next day CPR & hence tomorrow CPR will act as a strong resistance.
GAP UP Opening :
In case of Gap up opening, 35453 should act as a first resistance to watch out. Any resistance around these we can expect BN to again test Previous day low & further levels.
GAP Down Opening :
In case of Gap down opening below PDL, we can expect first support around 35000 levels & S1 getting compromised we can expect 34792 & lower Target1 & Target2.
Flat Opening:
In case of flat opening, we will wait for rejection from PDL & go short or a support at Previous day low we can go for quick scalp to CPR.