Bank nifty day, 06.03.2023
Updated
publishing herewith my idea about bank nifty using day time frame
at the start of year
price had resistance from 1 yr, 3 month and 1 month patterns, so there was no scope for upward movement.
while moving downward price breaks some very important previous higher level supports 41810/41830, price also breaches 6 month pattern support, now price is at that level
possibility 1. price could respect these supports
2. price could retest these levels and follow its downward journey
we are in the last month of 3 month candle, so will have some probable range for next 3 month candle 42910-38508,36683, so if price really wants to move down it will definitely try to reach 38500 level before the end of this month
last week price respected the weekly dozi so opening around 41260 will give it some support than 41530-41570 a resistance zone, upside weekly levels, 41627/41728/41836/42015
actually 41836 is a very important level
price opening above day mid bollinger could give it some support
resistance from weekly 10 & 20 MA
we have some MA close-up pending in 1 hr,2 hr and 4 hr
opening of market will give actual scenario
price is near 1 hr , 2 hr and 4 hr upper bollinger, so opening becomes important
if it is not a fake breakout, we will surely get some levels tested
if i it fails , will provide important weekly and daily levels
in daily time frame price closed above an important price line but below a consolidation zone,
at the start of year
price had resistance from 1 yr, 3 month and 1 month patterns, so there was no scope for upward movement.
while moving downward price breaks some very important previous higher level supports 41810/41830, price also breaches 6 month pattern support, now price is at that level
possibility 1. price could respect these supports
2. price could retest these levels and follow its downward journey
we are in the last month of 3 month candle, so will have some probable range for next 3 month candle 42910-38508,36683, so if price really wants to move down it will definitely try to reach 38500 level before the end of this month
last week price respected the weekly dozi so opening around 41260 will give it some support than 41530-41570 a resistance zone, upside weekly levels, 41627/41728/41836/42015
actually 41836 is a very important level
price opening above day mid bollinger could give it some support
resistance from weekly 10 & 20 MA
we have some MA close-up pending in 1 hr,2 hr and 4 hr
opening of market will give actual scenario
price is near 1 hr , 2 hr and 4 hr upper bollinger, so opening becomes important
if it is not a fake breakout, we will surely get some levels tested
if i it fails , will provide important weekly and daily levels
in daily time frame price closed above an important price line but below a consolidation zone,
Note
nifty almost completed its day closeupNote
nifty around a resistance level or a junctionNote
weeklyNote
17584 is weekly resistance, above 41673/41783/41800Note
its 41584 not 17584, just engaged with both nifty and bank nifty so a mix upNote
today it is all about moving averages, dozi and Inside candleon last Friday a weekly dozi acted as resistance for the price, today also it came into picture
41677,41265 and 41258 are the high , open and close levels of that dozi, price opened above the dozi ,which acted as a support, as already told, close-up of some MA's was pending , which has been completed today.
In nifty we have major MA's close up today, right from 30 min to day level, that's why , nifty was showing strength, again price opened above a support level and got resistance from a weekly dozi and also from a weekly inside candle
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