manavtechresearch

ASCENDING CHANNEL (BULLISH) IN BANKNIFTY

Long
NSE:BANKNIFTY   NIFTY BANK
BANKNIFTY TRADE SETUP FOR THE WEEK
-INDEX ON FRIDAY BROKE BELOW THE RANGE OF PREVIOUS INSIDE BAR WHICH IS USUALLY BEARISH
-BUT I BELIEVE IT TO BE A TRAP ON THE DOWNSIDE AS MULTIPLE SUPPORT ARE RISING
-INDEX HAS MANAGED TO HOLD ON TO ITS 100-EMA PLACED AT 22422
-ANOTHTER 20-EMA RISING AT 21121
-RISING TRENDLINE ON DAILY CHART INDICATE GOOD SUPPORT AT LOWER LEVELS
-RISING TRENDLINE IS A PART OF A BULLISH CHANNEL IN BANKNIFTY
-WITH SO MANY MULTIPLE SUPPORTS I FIMRLY BELIEVE TRACTION CAN BE ON THE UPSIDE IN THE EXPIRY WEEK
-INITIAL HURDLE FOR THE INDEX IS 23070
-ONCE CONQUERED WE CAN EXPECT THE MARKET TO TEXT 23470-23870
-CRUCIAL SUPPORT IS PLACED AT 22422
-CRUCIAL RESISTANCE IS PLACED AT 23070


BANKNIFTY RESISTANCE FOR THE DAY
22800-22940-23070
BANKNIFTY SUPPORT FOR THE DAY
22570-22450-22260


!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES TO NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!

TRADERSMOJO TELEGRAM CHANNEL
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
https://t.me/tradersmojo
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.