BANKNIFTY INDEX PRICE ACTION EXPECTATED FOR THE DAY

INDEX SUMMARY

-WE HAD DISCUSSED YESTERDAY ABOUT THE POSSIBILITITES ON THE UPSIDE AND ON THE DOWNSIDE
-WE HAD DISCUSSED HOW IF BANKNIFTY FALLES BELOW 22280 WILL MAKE A DASH TOWARDS 22120-21960
-AND WE DID SEE THE DASH TOWARDS 21100
-NOW I WAS ANALYSING THE CHART OF ALL MAJOR BANKING STOCKS AND FINANCIAL STOCKS
-ALL HAVE WEAK TO NEGATIVE PATTERN
-FEW CHARTS ARE ON THE VERGE OF BREAKING THEIR MAJOR TRENDLINE .
-INFACT BANKNIFTY IS ON THE VERGE OF BREAKING ITS MAJOR SUPPORT TRENDLINE
-MAJOR CAUSE OF YESTERDAY BLOOD-SHED THE FUTURES PREMIUM
-IT WILL STILL BE THE MAJOR CAUSE FOR FURTHER DOWNSIDE
-BANKNIFTY IS SEEING ADDED LONGS ON EVERY-DIP
-YESTERDAY AT A GIVEN POINT OF TIME THE PREMIUM WAS ABOUT 115 POINTS
-IT MEANS THERE ARE TOO MANY NAKED LONGS IN THE SYSTEM
-AND WELL I HAVE DISCUSSED IT THOUSANDS OF TIME THAT INSTITTIONAL WILL MAKE MONEY AGAINST YOU NOT WITH YOU
-STILL 90 POINTS PREMIUM IN BANKNIFTY FUTURES NEED TO GIVE-UP SOME PREMIUM TO SEE FURTHER POSSIBLE BUYING
-COMING BACK TO CHARTS BANKNIFTY IS TRADING BELOW ITS ALL MAJOR MOVING AVERAGES
-ON HOURLY CHART THE INDEX HAS MADE A DOUBLE TOP FORMATION WHICH BREAKS AS SOON AS 22100 IS BROKEN ON THE DOWN-SIDE
-ONCE THAT HAPPENS 21960 AND 21750 LEVELS ARE EXPECTED TO BE SEEING IN A QUICK DASH
-MAJOR CRUCIAL SUPPORT PLACED AT 21600
-ON THE UPSIDE BANKNIFTY WILL HURDLES AT 22280-22450 IF BREAKS THEN BANKNIFTY WILL MOVE IN THE RANGE OF 22130-22730
-BE READY TO SHORT BANKNIFTY BELOW 22100
-TIME YOUR TRADE


BANKNIFTY RESISTANCE FOR THE DAY
22720-22450-22280 ( FUT )
BANKNIFTY SUPPORT FOR THE DAY
21960-21760-21600 ( FUT )

SCREENSHOT

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