santhoshmurali
Long

Bank NIFTY's direction and price for Aug-01 contract

NSE:BANKNIFTY   NIFTY BANK
1. We can see a sharp reversal in last 2 candles, speculated to go Bullish (at-least short-term)
2. Bulls are being supported by 1SD Bollinger Bands , you can see how the prices breached 1SD BB, this will eventually go back to the mean, it is possible only by moving in upward direction.
3. Second confirmation is Harmonic Patter, it is a solid Bullish Harmonic .
4. Again, it might turnout to be a short-term bullish , because, overall strength is still retained by bears.
5. If it is going to be bullish , the what will be the resistances, we can pick the resistance levels from previous price actions, but I chose variances @29600 before expiry and @29900 on Expiry.
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