Thanks for 200+ views on my previous BankNifty Monthly Analysis post.
Nov Analysis:
This month’s CPR(Central Pivot Range) is wider than the previous month, indicating a possible consolidating/sideways month.
Since the month’s opening candle is between H3 and L3, you can expect movement to be contained between these two borders.
On the Resistance side, 31167(R1) makes a very strong resistance as both Monthly and Yearly resistance are coinciding. If this resistance is breached and sustained, your next target could be H4.
If not breached, it may test H3 again or consolidate near the R1 band.
On the Support side, L1/L3 and CPR are coinciding and providing strong support.
If breached, expect more downward movement.
My opinion : BANKNIFTY more likely to oscillate between H3 and L2/CPR and if supports are not breached, expecting it to reach R1(and beyond) by the end of the month.
Disclaimer: The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
Nov Analysis:
This month’s CPR(Central Pivot Range) is wider than the previous month, indicating a possible consolidating/sideways month.
Since the month’s opening candle is between H3 and L3, you can expect movement to be contained between these two borders.
On the Resistance side, 31167(R1) makes a very strong resistance as both Monthly and Yearly resistance are coinciding. If this resistance is breached and sustained, your next target could be H4.
If not breached, it may test H3 again or consolidate near the R1 band.
On the Support side, L1/L3 and CPR are coinciding and providing strong support.
If breached, expect more downward movement.
My opinion : BANKNIFTY more likely to oscillate between H3 and L2/CPR and if supports are not breached, expecting it to reach R1(and beyond) by the end of the month.
Disclaimer: The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
Comment:
Consolidation happening near R1, as expected.
