Banknifty view after a fall from past 6days on 18.03.2021

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

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.