Is BANKNIFTY looking to break 41000 soon? View for next 50 days.
Updated
Posting after a long time...
#NIFTYBANK after breaking out from C&H around 41800 levels saw a steep rise & made high of 44120, an ATH. This zone of 44000-44120 haunted #NIFTYBANK for couple of days and today it witnessed some profit booking. What lies ahead?
1. Case is still in Bull's favour if you're a positional bull. 43000-43500 is decent support zone. BN if tries to consolidate here to let RSI cool down a bit, can again try to reclaim ATH, and my personal target of 45500.
2. In case 43000 breaks on Closing Basis, gates for 41800 would open and I'd consider it as Break Out retest. So Bears can definitely enjoy this fall from 43000-41800.
3. Real problem for bulls would start if 40700 breaks on Closing Basis. That's a far fetched thing but I'm analysing it as a view for next 20-40 days not for Intraday.
4. I am personally Bullish and expect BN to hold support and have a Santa Rally but being a trader it's very important to shift gears according to situation.
View is personally and not intended for trading purpose. Do your own research. Comments regarding your view are most welcome.
#NIFTYBANK after breaking out from C&H around 41800 levels saw a steep rise & made high of 44120, an ATH. This zone of 44000-44120 haunted #NIFTYBANK for couple of days and today it witnessed some profit booking. What lies ahead?
1. Case is still in Bull's favour if you're a positional bull. 43000-43500 is decent support zone. BN if tries to consolidate here to let RSI cool down a bit, can again try to reclaim ATH, and my personal target of 45500.
2. In case 43000 breaks on Closing Basis, gates for 41800 would open and I'd consider it as Break Out retest. So Bears can definitely enjoy this fall from 43000-41800.
3. Real problem for bulls would start if 40700 breaks on Closing Basis. That's a far fetched thing but I'm analysing it as a view for next 20-40 days not for Intraday.
4. I am personally Bullish and expect BN to hold support and have a Santa Rally but being a trader it's very important to shift gears according to situation.
View is personally and not intended for trading purpose. Do your own research. Comments regarding your view are most welcome.
Note
43000 Broken on closing basis.
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