Bank nifty Breakout awaiting !!!

absu21 Updated   
The Daily Chart is clearly showing that nifty has closed in the sliding resistance zone , which is once again the top border of the bottom flat channel. Banknifty has experienced 2 times resistance through the diagonal resistance line previously. Now once again it has appeared inside the sliding resistance channel.

Let us discuss the volume now, Monthly volume analysis shows a negative COI with a positive increment of price whereas daily volume analysis shows the increase in price with a mild increase in COI.

What does it mean to traders, The probability of monthly COI definitely has a deeper impact than daily COI but the continuous increment of price and volume can change the monthly trend.

So, as per the price action, Banknifty needs to stand and hold above the Sliding Resistance on an EOD basis for the further up movement. the probability of another 2200 points move can be expected in these conditions. Else we can see a sideways move with interim support of 35060 levels with increasing VIX .

This is my personal view not for trading.
Trade active: the probability of reaching the target is high if bank-nifty stands above the Dynamic Sliding Resistance (DSR) before or by 16th August.
Trade closed: target reached: As per the analysis you check banknifty have given exact target.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.