kiranrshinde

BankNifty Analysis 28/5/2021

Long
NSE:BANKNIFTY   NIFTY BANK
Hello Everyone,
Hope you all are fit and fine ... Stay Safe and Trade safe...!

What an Expiry ..! 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 .... 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 .

Important Note :
1. The most imp part on 24th, at the end of the day we saw a Doji Candel .. What does it means ? ... A Trend Change ...
2. On 25th the Up trend was haulted with Bearish Engulfing Candel .. What does that mean now ? ... A DownFall ..as we already saw.
3. Again on 26th we had a Doji candel .. What does it means ? ... A Trend Change ... But was expecting a down trend to continue as the 35000 Resistance was huge one. And it was not easy to break down in one shot, as we saw today.
4. Today, what we see is a Large BULLISH Engulfing Candel ..what does it suggest ... Up Trend or Bullish Movement.

* Very imp point :
What happens when a major Resistance is broken ...? Next it act as a Support ...!
Keep in mind we still have a Small Resistance Zone between 35100 to 35250 .. So don't jump into the trade as market opens ... Let is take the Support of 35000 ...
If market Opens With a Gap Up of 200-300 pts then a Good Rally can be seen heading to 36000.

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

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