Banknifty Support&Resistance Levels for Monday 13trh May
Updated
Current Trend: BankNifty has experienced seven consecutive days of selling pressure, but this trend appeared to ease somewhat on Friday.
Key Levels:
Resistance: Immediate resistance is seen at 47600.
Support: Support is established around the 47300 level.
Potential Scenarios:
Rejection or Breakout/Breakdown: Watching for how BankNifty reacts at these key levels.
On rejection play reversal example if 47600 area rejects play reversal target support area 47300,same for long 47300 area if you find rejection price action go long there target 47600 area.
Upside Potential:
If BankNifty breaks above 47600, there's a possibility of a move towards the 47800 to 48000 range.
Downside Risk:
Conversely, if BankNifty breaks below 47300, it may test the 47000 area.
Overall Strategy:
Approach cautiously, observing for confirmation of either a continuation of selling pressure or a reversal towards higher levels.
Remember to adapt your strategy based on the market's movements and confirm any potential trades with further analysis.
Key Levels:
Resistance: Immediate resistance is seen at 47600.
Support: Support is established around the 47300 level.
Potential Scenarios:
Rejection or Breakout/Breakdown: Watching for how BankNifty reacts at these key levels.
On rejection play reversal example if 47600 area rejects play reversal target support area 47300,same for long 47300 area if you find rejection price action go long there target 47600 area.
Upside Potential:
If BankNifty breaks above 47600, there's a possibility of a move towards the 47800 to 48000 range.
Downside Risk:
Conversely, if BankNifty breaks below 47300, it may test the 47000 area.
Overall Strategy:
Approach cautiously, observing for confirmation of either a continuation of selling pressure or a reversal towards higher levels.
Remember to adapt your strategy based on the market's movements and confirm any potential trades with further analysis.
Note
This is just example of pictorial banknifty to find where trade set up are possible ,not a trade suggestion please analyse before taking any entries Note
As mentioned in idea went with short trade below support area 47300 Trade active
As mentioned in idea went with short trade below support area 47300 PE entered 315Trade closed: target reached
Target acheived 115 premium points for 47300 PENote
Note
This is spot entry compare with what i gave above for pictorial example on banknifty Note
Note
47600 above target one acheived 47800
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