Banknifty watch out zones

Jul 13, 2018

banknifty support band remains now at 26840-26890 zones, trading above that a pullback opportunity remains open.
the challenges to this are:
1. Too sharp a trendline that will become difficult to defend for momentum play
2. Trading below the previous highs of 27060. it remains in no man land.

Jul 17, 2018

Note

Banknifty did correct quite a bit from the top, here are a few updates and potential scenarios that may play out
Scenario -1: Look for a respect of this zone of 26690-26730 and trade a pullback to test 26820 range.
Scenario-2 market plays weak look to test 26640 26600 on the downside. Strong swing support lies at 26490-26500 zones.