kiranrshinde

BankNifty Analysis 28/5/2021 IntraDay Levels

Long
NSE:BANKNIFTY   NIFTY BANK
Hello Traders,

I Hope you are liking my analysis and enjoying the trading.
I am concern about one thing is that:
1. From the stat of the posts that i have posted, lets consider today's Expiry Special i see that 1020 views for the post, how many likes only 23 and Commnets only 9 that too 4 are mine... BankNifty 24/05/2021 Intraday Levels Post has 2745 views, Likes 30 and comments 30 ..of which 10 would be mine reply to your queries or commnets.
2. Common guys ... hit the Like button ONLY if you like my post .. it's Free right , Put your thoughts/feedback/questions..anything whether good or bad ... it's Free too ..

Please try to understand my thought process...
We Can help Each Other .. retailers ... and prevent from Loss.
One thing for Sure ... free things do not have value ...
I am getting personal, public messages regarding any Paid service on that i have on Telegram, WhatsUp etc.
I don't have any and I am here to share my knowledge whatever i have for Free, then why don't you support me by hitting the Like button, Following and Sharing with your friends...
Also, other thing is that your comments on my post are benefiting other traders as well ...
one of my Follower named "Akbhagyalatha" post on Banknifty 25/5/2021 Intraday Levels post regarding his loss and i gave a reply to him.
The next day other follower message me in private that he ad made a loss of 50+K, and as suggested to "Akbhagyalatha", he took a pause from trading.
Started with Basic what i had mentioned over there and feeling confident now ... i feel very proud of these 2 followers , one for posting in Public and accepting his mistake and learning and the 2nd follower for Learnig from others mistake ..very good guys... i will be always there for such people.

OK .. enough said ..its upto you guys ..if you want to join me in helping other you will others ... world will continue to go on ..as it does daily.

Here are the Intra day Analysis...enjoy

What an Expiry ..it was ..! Bulls overiding Bears after 4 days ... and finally broke the Strongest Resistance at 35000.
What's next now ..?
I see a Big Rally Comming Soon of which the first Target would be 35500 , 36000...

BankNifty can Open Gap Up/Neutral .... Tomorrow ...!

Resistance Level :
1. Major resistance of 35000 is broken and Price is sustained above 35000 close to 35100 .
2. Good resistance exists at 35100 to 35250.
3. Strong Resistance at 35500.

Support Level :
1. 34800 is New Strong Support level . Below it we have 34700.
2. 34500 has become Strongest Support Level .

Sideways Possibility :
Moderate chances of Upward sideways market between 35100 to 35300.

Trend Lines :
- BnkNifty is still trading between 2 Main Trend Lines Red and Green forming a parallel channel pattern.
- We can see Head & Shoulder pattern formed, and yesterday itself had given a breakdown and was sustaining below the Violet horizontal trend line as shown in Expiry Special post.
- After this breakdown, the big Green Support line played an important Role, BnkNifty bounced back from that line and at level 34550.
- The Horizontal Violet Line was now acting as Resistance, when it was broken ... it started acting as a Support Line (Keep this in Mind ..will Come Back to this Point), and you can see this at 2.30pm in the chart of 15 min.
- Now, BnkNifty has broken the Strongest Resistance of the Week at 35000, and has closed above the Blue Trend Line as well .. with large wick at the top stating the pressure at levels from 35100 to 35250..

Why i have summarised this .. Please try to understand ... Coming back to Support and Resistance point left above ..
1.BnkNifty has broken the Strongest Resistance of the Week at 35000, now this Resistance will Act as a New Support as we saw Above.
So wait for a while to see a pullback at these levels and then go for Buying as indicated by arrows.
2. Understand and learn the importance of Support and Resistance lines.

Important Note:
Need large volume to break 35000 as indicated by larger Green Arrow.
As the Resistance is building strong at 35000 level it seems that at least for first half market would be in down and sideways.

*Imp Note :
Support and Resistance Marked keeps on changing as the day progresses and new trader joining.
Strong Support and Resistance will act atleast for first half and may be broken with large volume .

This is not Buy and Sell recommendation to any one.
This is for education purpose and a helping hand to learn Market.

I hope you all like my analysis.
Please do share your thoughts into comment section.
Please hit the Follow button to get the regular analysis.
Please give a like, it motivates me to do analysis and do share with your friends as well.
Comment: Ignore the Important Note : as 35000 is already broken.

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