Banknifty 17/05/2021 for NSE:BANKNIFTY by kiranrshinde

trendanalysis chartpattern indicator banknifty bankniftytrend bankniftytradesetup bankniftyintradaysetpup bankniftytrading bankniftyintradaylevels bankniftyintraday bankniftyanalysis bankniftylevels

Hello Everyone,
Hope you all are fit and fine ... Stay Safe and Trade safe...!

BankNifty is in DownTrend ... as indicated by indicator forrming Lower highs and Lower Lows...!

BankNifty to Open Gap Down ... with samll quantity.

Resistance Level :
1. 32300 to 32400 is next level of Resistance developing.
2. 32500 is other Strongest Resistance level .

Support Level :
1. 31900 to 32000 next Support level .
2. 32000 is Strong Support level, if this is broken then 31500 can be easily seen.

Sideways Possibility :
More chances of sideways market between Range 32000 - 32500.

Trend Line:
Buy Above trend line at 32100.
Sell below trend line at 31900.

Channel Trend :
Keep an eye on channel breakout as shown, more possibility of BreakDown as BnkNifty forming Head & Shoulder Pattern.. completing right Shoulder..
(See my other post related to Head & Shoulder pattern : Banknifty-17-05-2021-Head-Shoulder)

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