Due to Budget week there will be very much volatility in Banknifty. As there had been already a pre budget rally we are expecting some consolidation before budget. We had marked some levels as support and resistances for the next week where one can take buy sell trades. Banknifty right now is at very important resistances and an upmove will be confirmed now only above 19950. Resistance level for this week are- 19805/19945/20115/20250/20370. Support level for this week are- 19585/19275/18995 **All level consider with +-15 range. **We advise to take position on 15min chart level breaking candle high with a sl of 50 point and tgt next level or 100 points & if a 15 min candle after breaking the level close below the level then initiate trade with the high/low of that candle as sl in opposite direction with tgt 50/100 points, as considering it as false breakout.
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watch Banknifty perfectly between the levels...
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Banknifty today done 19430 below 19590....
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watch the high made by banknifty exactly at our level....
As per news their will some good provision in budget for banks so it can go up I think
AshishChauhan_AlgoTrader
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@datta9278, yes sir u r right but as a trader i believe only charts and do not consider the news. That's why posted both and downside levels. If it goes up buy as per the strategy defined above..
shiv2798
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Bank Nifty will sustain this high for a while(Vacillations between 50 ,150 points ) , its not technical related now due to huge psychological believe that banks are filled with funds after de-monetization so it may sustain due to investor gut feeling of further development in financial boom or earnings, even budget results of any negative statements would not effect because of cash richness in bank , so one could be go long and wait for another jump in short period
Best Regards
Shivakumar
+919741870372
AshishChauhan_AlgoTrader
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@shiv2798, yes sir u r right but as a trader i believe only charts and do not consider the news. That's why posted both and downside levels. If it goes up buy as per the strategy defined above..
AMBRISH
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Ready to trade levels, Tu si Great ho.
AshishChauhan_AlgoTrader
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thanks sir
pranshusingh
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Gr8 Asish Jee!Thanks for sharing the bank nifty levels