ashishchauhan

Banknifty- What is coming Next??

NSE:BANKNIFTY   NIFTY BANK
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Banknifty as discussed last week here we marked a level in fall down @ 18143-18145 range & on US election day gap down Banknifty touched our level exactly and bounced back,
Now as it at trendline support and if broken that then we can see a downside till 19125 level with some supports at 19590/19450 levels and if those gone then our last level till now 19125. On bounce backs can touch 20100-20150 levels.
Lets see what happens..
Trade active: Last night as posted that Banknifty is on trendline support, it broken that and slided down. Tried to took the support on the trendline marked near 19350 but broken that too and fallen down to 19230-19240 range. As for now it is below the trendline support and it can further slide sown to our target 19125 till now.
Comment: Banknifty today opened just in our trendline range even on the gap up and unable to cross it, and then what happens we know almost that open becomes the high for the day. After that sliding down started and reached our tgt 19125 that we had projected weekend night two days back.
As our tgt reached within 2 days of trading so- Now what next?
Now Banknifty is approaching the biggest support @19030-19050 from here we can see a bounce back towards 19350-19380 range and if support do not respected by it then again a fall coming towards18790-18820 range till now.

$~ac~$
Ashish Chauhan,

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