Banks and financial sector is currently under immense selling pressure due to all the negative news around the world. However cutting down the news and focusing on charts, as I see that around 50 to 61.8% pullback from 9th march double to high to latest swing low made on 16th March expiry can't be ruled out.
BN on smaller timeframe is currently rising in a channel and trendline support of that channel is coming around 38 to 50% fibo support zone on small timeframe of latest swing, so any dips around that area can be good bet to go long with previous swing low as stop loss and potentially the targets can be as marked around pullback zones.
On large tf, BN is still trading mostly between the range made on Budget day with bears trying to break it down decisively but price has again come back in this zone and hasn't really sustained below the Budget day low for significant period of time.
If the price moves as anticipated then there is also a possibility that it may make some sort of inverted H&S or rounding bottom formation, which can then decide next course of action. However there is big gap resistance on upside and chances of that getting filled up in first attempt are very low.
In related idea section, also have added previous analysis on daily tf where banknifty is currently taking support/resistance and trapping in falling channel
BN on smaller timeframe is currently rising in a channel and trendline support of that channel is coming around 38 to 50% fibo support zone on small timeframe of latest swing, so any dips around that area can be good bet to go long with previous swing low as stop loss and potentially the targets can be as marked around pullback zones.
On large tf, BN is still trading mostly between the range made on Budget day with bears trying to break it down decisively but price has again come back in this zone and hasn't really sustained below the Budget day low for significant period of time.
If the price moves as anticipated then there is also a possibility that it may make some sort of inverted H&S or rounding bottom formation, which can then decide next course of action. However there is big gap resistance on upside and chances of that getting filled up in first attempt are very low.
In related idea section, also have added previous analysis on daily tf where banknifty is currently taking support/resistance and trapping in falling channel
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Read it as 9th march double top* high
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A little here and there due to gap down ...but still I would take it any day, almost 400pts recovery from day low
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How's the josh :)
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So far 40085 :) keep booking profits and keep trailing :)
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Its beautiful to see your baby getting matured. #Banknifty
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Finally price also hits gap resistance zone.
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