subhagghosh

#banknifty analysis for 19th Mar:-

NSE:BANKNIFTY   NIFTY BANK
#banknifty analysis for 19th Mar:-

Decision Zone:- 34,131 - 34,033

Resistance:- 34,430 / 34,645 / 35,100

Support:- 33,583 / 33,305 / 32,751

The move from 29,687.8 to 37,708.75 is 8021 point rally,we have retraced 50% (33,698), current low is 33,597.

38.2% retracement was 34,645 which was breached and we touched 50% retracement , now if today's low is broken, we move toward 61.8% retracement which is placed at 32,751 (last hope for bulls), if this support is breached we head towards 100% retracement towards 29,687.

Important pivot level is 34,485 & 38.2% fall is 34,645:- Ideally no longer till we cross 34,650 levels and we get a daily closing above this level.

Three Black Crow ( Bearish Reversal with high reliability, detected on 16th Mar'2021) was detected on the daily chart . GAP on the daily chart:- 33,305 - 33,583, ideally should work as support, if this gap is broken we head towards lower level.


On an hourly time frame, 34,430 - 34,645 is a tough resistance area , until it's crossed, we will continue to remain under pressure.

Moving Averages on 1D time frame:-

In Sell mode:-

SMA (5) 34,714

SMA (10) 35,168

SMA (20) 35,468

SMA (50) 34,270

In Buy Mode:-

SMA (100):- 31,575

SMA (200):- 26,887

RSI:- 40 .496 (in Sell mode)

Important Pivot Point:- 34,485


One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Regards,
SG

Comments

34133 level breaking,your yesterday call don't short this market working out today,what a come back
+1 Reply
struggling at decision zone,Fresh trade Monday only?.
+1 Reply
The levels what you are giving is based on the spot index or the future index?
Reply
Thank for your daily work. One good constant thing that regularly happens:)

So based on above the flag pattern you have been referring to in earlier posts is now invalidated right
Reply
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