Banknifty Support&Resistance levels for 8th May Wednesday

Updated

BankNifty support and resistance levels still it is bearish below 48600 if tuesday low breaks it might go test 48000 and 47800 levels also.

Resistance : 48450 if sustains above target for 48600,48650,48700 area
Support: 48200 if sustains below short target for 48100,48050,47950,47800

Mentioned Support/Resistance and Targets will act as reversal points please check the price on those.

Note : we have past two day good expansion days chances are today might go contraction day a sideways day , options buyers avoid if you find any behaviour like that.

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5 Minutes chart for reference

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48200 to 48250 will act as resistance if not 48400 area will be a hurdle

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Price stuck here between 48200 and 48000 until a breakout above or breakdown below happens stay away from it

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or look for long on 48000 area and shorting at 48200 area bit risky but one can scalp on these exitremes

Trade active

Trade closed: stop reached

stoped out this is kind of danger if you go against the trend

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i should have sticked to my initial view some times it happens mind reads other way

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48200 below 3 targets acheived but i failed today with wrong move

Trade closed manually

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Yesterday i missed trade booked stop loss ,today entered short at same resistance area kept my view intact followed the plan

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Trailing now kept at 47900 will exit or take profit below

Trade closed: target reached

Closed trade 300 points captured

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Full target acheived

Trade active

Second entry

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Trade active

Today May 10ty trade long entry made when trendline breakout happened on retest entry long with small stop loss

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Trade closed: target reached

Target acheived

rakeshreddym

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