BankNifty Intraday Levels Analysis 21st June

Hello Traders,

Resistance Level :
1. Good Resistance Zone exists at 34700-800.
2. Strongest Resistance at 35000 .
Support Level :
1. 34000 is Strongest Support Level .
2. Good Support at 34300.
3. 34500 is a good Support.

Sideways Possibility:
More Sideways below 34500 to 34700, if market opens below 34700

This is not Buy and Sell recommendation to any one.
This is for education purpose and a helping hand to learn trading in Market.

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Same with my thoughts/....lets see for tomm
+2 Reply
Sirji with 5 minute time frame at 12.15 PM there was a barish candle formed at 34300, the consecutive candle was bullish momentum bar engulfing the barish candle, indication for trade, 34330 was entry point, SL 30 points, was the trade setup please correct me if I am wrong, have not taken any trade but analysing with your teachings of course market zoomed beyond 34600+ but my concern is the entry point, with right setup I would have exited at 34500 or used TSl with 25 buffer points

Please correct me
+1 Reply
kiranrshinde vishug1971

Your Trade setup was correct but figures are wrong:
1. Bullish Engulfing Candle formed at 12.20 and most important at Support of 34300.
2. Entry Point : After completion of Engulfing candle at 34349/34350.
3. Stop Loss : Low of Engulfing + 5 points of buffer i.e 34290.... 60 pts ..
4. Target : 34350 + 60 = 34410 considering 1: 1 RR.

You are learning with good pace ...
What do you think .. trading without indicator is simple or with indicator would be simple ?
vishug1971 kiranrshinde
@kiranrshinde, thanks Sirji for your reply and corrections even I thought of entry above 34449 but was looking 30 point risk bit early to cover the maximum range was the plan, anyways should not alter the set-up which might turn back as monster, I was like looking for 1:1.5 RR in the bullish trend upto 34500 as my exit point..
+1 Reply
kiranrshinde vishug1971

You can go for bigger RR ratio but with trailing stop loss.
vishug1971 kiranrshinde
@kiranrshinde, Thanks Sirji, it is 100% correct that look only chart and chart nothing beyond, the chart with specific signals at certain levels ensures our confident to enter right setup for trading,.

The problem with back testing of these services signals especially to me is, I start predicting with successive candles or some times I may wrongly predict with pre-occupied views, that is the reason I have started to follow the live market which doesn't allow me to imagine or predict what would be the next move, it simply narrows my analysis to the current formation of the chart and focus on live signals

I don't know other people do their back testing but I failed to analyse due to competeness of the chart
+1 Reply
What will be the 22 june prediction for 34100 pe bank nifty will it go up or down...please reply