ANAND_M

Banknifty view after a fall from past 6days on 18.03.2021

Long
NSE:BANKNIFTY   NIFTY BANK
1) The BN has reversed from the exact supply zone where its faced resistance multiple times (i.e. 36000-36400-500)
2) The price has breached the short term trendline with volume after week consolidating near the trendline
3) Yesterday BN has tried to close the below 50 SMA , but in the end, the price has bounced back and closed the near 50 SMA and today (18/3/2021) opened with a gap up and took resistance from 38.2% of Fib number I,e 34700 and sharply fell down.
4) The price has closed above 50% of Fib number and took support from the same level 33600-90.
5) After a continuous fall of 6 days (almost 3000 corrected) we may expect a small bounce-back till 34650-34700 and it may fall till level 32751, but subject to global cues.
6) Now the price is standing at make or break level

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