BANKNIFTY - Context and What Lies ahead
BANKNIFTY we made a sort of a top at a very mechanical levels from spot point of view. there is also major pivot highs near the 26800-50 region.
Until that is taken out we are likely to retrace back towards the value zones. The mean of this pullback is 26380 areas and that can be a potential retracement zone, The swing low being 26050 areas.
the above scenario becomes in valid if we manage to trade above 26850, hence risk reward is pretty favorable
Until that is taken out we are likely to retrace back towards the value zones. The mean of this pullback is 26380 areas and that can be a potential retracement zone, The swing low being 26050 areas.
the above scenario becomes in valid if we manage to trade above 26850, hence risk reward is pretty favorable
Comment:
This was quiet a quick one :), morning highs failed to scale the levels of the mid point vpoc at 26380 spot, and then made a low exactly at our planned levels near 26050 areas.