Price has closed below 20 DMA (34,945) after a long time and 100 DMA is 34,332 is the next support line.
1. Fresh longs only above 35,095. 2. 34,350 areas should work as support. 3. Any violation of swing low of 33,908 might force liquidation of long positions, which gives a target of 31,00 on downsize. 4. Index is moving in zig-zag fashion triggering SL on both sides and it's has become really tough for traders to trade.
Decision Line: - 34,750 (above +ve & below -ve)
Decision Points :- Important reaction points, which price reacting to movements are 34,357 / 34,653 / 34,874/ 35,095 / 35,410 / 35,647 / 35,810
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Thanks Sir based on your charts what I can summarise here is ...
Gap up opening ..Resistance at 35000
Support at 34750
Above 34750 target 35400
Below 34750 tgt 34300
@rajbalangir,
My opinion now bnk nifty will break all resistances on Monday n Tuesday
Will touch 35900 by Tuesday
My assumption is on the basis of icici ,Axis and Kotak Mahindra current level as all three seems to make higher highs higher lows
@rajkpg13 34750 for low risk traders, deep sl is 34350
subhagghosh
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#banknifty view for 6th July
No trade zone:- 35,080 to 35,230
Upside :- 35,350/35,450/35,650
Downside :- 34,950 / 34,820 / 34,750
No fresh analysis 😕
Trend reverse below 34,750.
subhagghosh
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hope u all enjoyed 🙏
harishpkv
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Sir plz advise for nifty also
Is it possible Nifty to make new Highs @16100 on the basis of Reliance.. Infosys..and some of the Banking shares in this week?
Thanks Sir based on your charts what I can summarise here is ...
Gap up opening ..Resistance at 35000
Support at 34750
Above 34750 target 35400
Below 34750 tgt 34300