Guy's Bank nifty have formed a long bearish belt hold candlestick pattern on the daily scale as it failed to hold on to the 43000 levels and corrected 193 points to end at 42846. Bank nifty lost more than 300 points from the day's high. Bank nifty has experienced a trading session where it opened and hit it's high at the same level, signalling a strong bearish presence in the market. The confirmed upside resistance for the index is now at 43500, and until there is a closing breakthrough beyond this level, the overall trend remains negative. On the downside the index has support zone at 42400 and a breach below this level may intensify more selling pressure, potentially driving the index towards the 41500-41000 range.
Important Levels for Bank Nifty:-
Intraday support zone 42400 Intraday resistance zone 43000
Strong Support Zone 42000 Strong Resistance Zone 43500
Buy above 43038, if levels sustains at least for 30 Mints. Targets will be in upside 43276/43497 keep stop loss at 42695
Sale below 42695, if leves sustains at least for 30 Mints. Targets will be in downside 42405/42130 Keep stop loss at 43038
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Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
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Comment
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Hello Guy's let's Ride a trade with less qty
take a 42600 pe now at 64 keep stop loss at 22 Targets 91/121/161++ Market seems bearish from here
waiting for nighty 😂 fut 18844-18812-18777 levels intra and bank nighty 😂 fut 41888-41811-41777 waiting for this...shall we get these lows?
TraderRahulPal
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@ahambrammaasmimuthoo, Well buddy, for intraday it's looks impossible, we might can see in coming days, but 42000-42400 is a support zone, any big negative news only can take Bank nifty towards your desire levels
ahambrammaasmimuthoo
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haha...all the media ..TV's blala speaking about the growth IT index IT stocks...banking stocks..banking index...so be cautious...they r making fools to retails...my views big very big crack on IT index & banking index...