Bank Nifty 1H Chart analysis for(9 sept 2024)
Technical Analysis:
Fibonacci Retracement Levels:
The price is respecting the Fibonacci levels of 0.618 (49,401.95) and 0.5 (49,919.95) as key support zones.The 0.786 level at 48,867 is also a major support area to watch.
Chart Pattern:A clear descending triangle pattern is forming, signaling potential weakness.If the support at 49,400 breaks, we may see further downside toward the 0.786 Fibonacci level at 48,867.
Volume Analysis:Volume is slightly declining, which indicates a lack of aggressive buying.
Support and Resistance:Immediate resistance around 51,738, which is the recent high.
Support levels to watch: 50,000 (psychological level) and the 48,867 Fibonacci level.
Trading Plan:
Entry: If Bank Nifty closes below 50,000, short positions can be considered.
Target: First target at 49,400 and second target at 48,867.
Stop Loss: Place a stop loss above the recent swing high of 51,000.
Risk Management: Ensure a risk-reward ratio of at least 1:2 to maintain proper risk management.
Fibonacci Retracement Levels:
The price is respecting the Fibonacci levels of 0.618 (49,401.95) and 0.5 (49,919.95) as key support zones.The 0.786 level at 48,867 is also a major support area to watch.
Chart Pattern:A clear descending triangle pattern is forming, signaling potential weakness.If the support at 49,400 breaks, we may see further downside toward the 0.786 Fibonacci level at 48,867.
Volume Analysis:Volume is slightly declining, which indicates a lack of aggressive buying.
Support and Resistance:Immediate resistance around 51,738, which is the recent high.
Support levels to watch: 50,000 (psychological level) and the 48,867 Fibonacci level.
Trading Plan:
Entry: If Bank Nifty closes below 50,000, short positions can be considered.
Target: First target at 49,400 and second target at 48,867.
Stop Loss: Place a stop loss above the recent swing high of 51,000.
Risk Management: Ensure a risk-reward ratio of at least 1:2 to maintain proper risk management.
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.