Banknifty spot chart on 1Hour timeframe made "W" pattern.
Doubble Bottom at 38177, which is also a good support now.
Major Support zone from 38200 to 38400 marked between two green lines (3 pink circles confirm this support zone).
Another Support is at 38800 level.
Now banknifty is following "Aqua" colour trendline upside.
Its also making a Triangle Pattern:-
- Look for triangle pattern breakout upside or downside.
- Breaking above this triangle pattern along with Breakout above 39750 with stong green candle and retesting at 39750 as support will start a rally upside.
- Breaking below this triangle pattern may lead to a fall till 38800 or to support zone of 38400 to 38200.
As per Indicator Shown:-
-Three RSI lines have crossed below white base line and terned Red in colour showing start of a Bearish trend.
- Double Bottom is seen in the indicator as well near Buy zone (Green Shaded area between hline 20 and hline 30).
What to observe:-
1. Breakout above triangle look for bullish trades. retesting of 39750 as support will increase the probability of uptrend.
2. If Breakdown below support "aqua colour" trendline look for bearish trades, Targets downside are 38800-38400-38200-38177.
These are my personal views for educational purposes only. Please consult your financial advisor before investing.
Happy trading :)
Doubble Bottom at 38177, which is also a good support now.
Major Support zone from 38200 to 38400 marked between two green lines (3 pink circles confirm this support zone).
Another Support is at 38800 level.
Now banknifty is following "Aqua" colour trendline upside.
Its also making a Triangle Pattern:-
- Look for triangle pattern breakout upside or downside.
- Breaking above this triangle pattern along with Breakout above 39750 with stong green candle and retesting at 39750 as support will start a rally upside.
- Breaking below this triangle pattern may lead to a fall till 38800 or to support zone of 38400 to 38200.
As per Indicator Shown:-
-Three RSI lines have crossed below white base line and terned Red in colour showing start of a Bearish trend.
- Double Bottom is seen in the indicator as well near Buy zone (Green Shaded area between hline 20 and hline 30).
What to observe:-
1. Breakout above triangle look for bullish trades. retesting of 39750 as support will increase the probability of uptrend.
2. If Breakdown below support "aqua colour" trendline look for bearish trades, Targets downside are 38800-38400-38200-38177.
These are my personal views for educational purposes only. Please consult your financial advisor before investing.
Happy trading :)