BANK NIFTY MULTI TIMEFRAME ANALYSIS FOR TOMORROW 14-05-2024
Bank Nifty is trading below Monthly CPR and inside Weekly CPR , today since 20 & 50 SMA in 5 min chart provided support so price started to move up towards 200 SMA and hourly 20 SMA.
Tomorrow We have to check if falling 50 SMA and 200 SMA in hourly time frame is acting as a resistance or it is also allowing candles to pass through it . If hourly 50 and 200 SMA are acting as a resistance in hourly chart only then we can say prices will move down back towards 20 SMA but if they are providing support then we can expect prices to go up and we can trust the bulls.
So we can go for long scalping if in 5 min time frame candles are coming above R1 and PDH levels for 100 to 150 points scalping .
Tomorrow if the candles are getting resistance from hourly 50 and 200 SMA then we can expect the price to come towards 5 min 200 SMA or 20 SMA in hourly time frame .
Tomorrow We have to check if falling 50 SMA and 200 SMA in hourly time frame is acting as a resistance or it is also allowing candles to pass through it . If hourly 50 and 200 SMA are acting as a resistance in hourly chart only then we can say prices will move down back towards 20 SMA but if they are providing support then we can expect prices to go up and we can trust the bulls.
So we can go for long scalping if in 5 min time frame candles are coming above R1 and PDH levels for 100 to 150 points scalping .
Tomorrow if the candles are getting resistance from hourly 50 and 200 SMA then we can expect the price to come towards 5 min 200 SMA or 20 SMA in hourly time frame .