Still_Learning_Akhil

Analysis of BANKNIFTY For 1 Feb. for Intraday as well as swinger

Short
NSE:BANKNIFTY   NIFTY BANK
Everything provided in graph. Analyze on your own before taking your position.

On Monday BANKNIFTY can go up or down. Prices and targets for taking positions are given in graphs. Maintain SL according to you.

My reasons for shorting ;-
1.As most of the markets were red including global market so there is a possibility that it will be also red on Monday.
2.By studying previous dates when budget was released BANKNIFTY is felled mostly.
3.There is also a Rumohr that due to Covid budget will not be in favor and market will go red.
4.Todays positive trend of BANKNIFTY can be a retest also.
5.After support 3 or T1 there is no support for short till 2.75% so people will be interested in selling BANKNIFTY more.

My reasons for Buying :-

1.Can form head and shoulder pattern.
2.Took support from trend line on daily frame and goes up today but ended red.
3.Budget can be in favor and can go up.

My conclusion : According to me BANNIFTY will fall on Monday because there are more chances that people will short their positions.

Note : The following information can be true or false . i Just made this for educational purpose and some advice.

Please comment to tell or ask anything