3 Sep Bank Nifty Support & Resistance Levels Marked
Updated
Important support & Resistance levels marked for Bank Nifty.
Kindly use these levels only as Entry & Exit when market trades near these levels and is taking support or facing resistance.
Today's High and R1 will be the major focus for tomorrow. R1 is also the high of 1st Sep.
Any resistance from these levels could generate short opportunity or in case of gap-up opening then R1 level could becoming the major support for long.
2 Sep Analysis - Already informed yesterday that 1st Sep low will be key level to watch and any support from that level would generate long opportunity. At 9.45 when BN took 2nd time support on the day's low, that was the major indication for going long today. From that point BN gave 400pts rally.
Trade with the trend only. Don't go against trend. Remember, "Trend is your friend, until it bends".
Kindly use these levels only as Entry & Exit when market trades near these levels and is taking support or facing resistance.
Today's High and R1 will be the major focus for tomorrow. R1 is also the high of 1st Sep.
Any resistance from these levels could generate short opportunity or in case of gap-up opening then R1 level could becoming the major support for long.
2 Sep Analysis - Already informed yesterday that 1st Sep low will be key level to watch and any support from that level would generate long opportunity. At 9.45 when BN took 2nd time support on the day's low, that was the major indication for going long today. From that point BN gave 400pts rally.
Trade with the trend only. Don't go against trend. Remember, "Trend is your friend, until it bends".
Trade closed: target reached
Told you today's focus will be on R1. Although due to gap-up opening between R1 & R2, market was not able to break high of 1st candle. That was the 1st sign of short opportunity and 2nd sign was when it was testing R1 many times. So long would have been above 1st candle/R2 and short below R1. Finally, when it broke R1, target would be Pivot. Target reached.
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