BankNifty - Can Bulls Control The Session

Strong Support Zone 41000-41100 as shown. Looks corrective fall from 41724 Highs, holding above the suggested support zone, Index can re test 41500 / 41700 / 42400 levels upside.

Any selling can be expected only below 41000. Thanks

Trade active:

10:39 Hrs / 8th Feb 2023

Last @ 41541

Index was volatile as RBI Governor started his speech & the push or move which started upside from 41100 approx yesterday looks corrective & choppy in nature

Wow!!!
We achieved our targets 41500 & 41700

It can attempt close to 41100 but should not break downside else we have review once again

We still maintain our stand of important support zone 41000-41100 -Till this holds we expect our upside final target of 42400 could be attempted today or tomorrow.

Comment:

10:55 Hrs / 8th Feb 2023

Last @ 41502

Recent Low - Close to 41400

Trading is all challenge. Next Buy above 41800 or Buy close to 41100 if we get the drop. 41400 is minor support

Trade active:

1:56 Hrs / 8th Feb 2023

Last @ 41547

Traders have to be careful in 41550-41650 zone as sudden fall can happen to downside taking it close to 41100 which I suggested in previous comment of 10:39 am

Comment:

2:10 pm / 8th Feb 2023

Last @ 41565

This is a complex correction unfolding - do not guess which side Index will move

In such scenarios just wait for markets to move first & then post clear breakout - you can participate in the trade

Scenario 1-

So, If Index moves above 41600/41650 - breaks even 41790 (day high) then it can make explosive move upside towards 42000 / 42400

Scenario 2 -

If Index falls below 41445 which triggers downside then we expect 41100-41150 zone as profit taking zone

Trade closed manually:

9:35 Hrs / 9th Feb 2023

Last @ 41359

Book your profits on downside if not falling below 41100 - we got small drop. Moving above 41450 - Bulls will be aggressive