Banknifty intraday levels for weekly expiry 21/02/24.

Mambotrade Updated   
NSE:BANKNIFTY   Nifty Bank Index
Finally, Banknifty is trading above 47k levels and a bullish trend may start in the index.

After closing in a range and forming doji candles, there is a bullish marubozu candle on the daily close. The bullish move can sustain as it consolidate before crossing the levels.

Tomorrow, if there is a gap up opening around 47200-300, there are high chance of market touching 47500 levels.

In case of a gap down, there are chance of another buying happening in 46800-950 zone.

Major support level :- 46980, 46720.

Resistance levels are far and another bullish candle can be seen in daily charts.

Resistance levels :- 47200, 47540.

Watch the market opening and trade the setup.

Let market form a price action and enter only bullish trade as bearish trades can hit the SL.
Cup and handle formation on 5 minutes charts.

There are chance of testing 47300 levels after crossing the resistance zone.

Keep a watch.
Trade closed: target reached:

Target reached for cup and handle formation.

Trail the SL.

New traders book profits.

Banknifty has closed above 47k levels.

Major support levels :- 46800, 48660

Watch market crossing today's low. Short trade can be made.

Even 47300 level is a major resistance. If this levels is gone watch for market testing 47550 levels.

banknifty has closed around 61.8% fib levels which is in confluence with the resistance zone.

In case of a gap up opening, as the market seems can give a bullish movement after this much recover in the other index, it will also try to test the ATH.

Enter a confirm bullish trade only after it crosses 47000, 47300 levels. If it again test 47300 levels and form some bearish move, watch for the other index to confirm is the sustainable or not.

Major resistance :-47000, 47320, 47550

In case of a gap down opening, it may take a halt as there has been movement in the market and both side movement was there this week.

Support levels :- 46600, 46500

Wait for the price action before entering the markets.

For last 2 trading session there is a cup and handle formation.

It is giving targets and if there is a break out potential target will be reached.

Else break down can be traded.

Wait for proper price action and trade according;;;;;;;;;y
Order cancelled:
pattern failed. No entry triggered.

watch for a break out trade.
Banknifty is trading around the resistance zone and has closed 425 points higher on the weekly charts.

There is a inverted H&S formation on the smaller time frame and if the pattern forms and give a break out, nice trend can be capture in banknifty :-

Major resistance levels :- 47300, 47550.

In case of a gap up opening, wait for market to trade above 47300 levels. Enter bullish move only after that.

While short the market major support should be breached and sustained.

Major support levels :- 46440, 46100.

For last two trading session market is playing with the trader's psychology.

Let the market decide the trend and trade only the confirm setup.

Banknifty on the hourly charts is forming a triangle pattern and consolidating in a range.

Today the market remained sideways and was totally option sellers market.

Major support levels :- 46450, 46080

On the upper side there is resistance around 46780 and 47300.

If there is a gap down opening, a bearish market can be seen tomorrow.

Wait for the price action for confirming the entry in the markets.

Banknifty has halted between both the moving averages and closed around the resistance levels.

On the hourly chart, there was a rejection from the 20 ema and support from the 200 ema.

Any of the levels is breached tomorrow, a trending move in the index can be captured.

Major resistance levels :- 46750-80, 47070

The market has totally respected the support zones and the zone are becoming weak as it is test many times.

If there is flat to gap up opening and the resistance zone is taken out, a trending move can be there in the index.

It has been lagging behind the other index and 1000 points move can be seen till the monthly expiry.

Major support levels :- 46350, 46050

No trading zone has been marked on the charts, avoid trading in the zone as it is a volatility area.

Wait for the price action near the levels before entering the market.



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