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!!
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