7 Sep Bank Nifty Support & Resistance Levels Marked
Updated
Important support & Resistance levels marked for Bank Nifty .
Kindly use these levels only as Entry & Exit when market trades near these levels and is taking support or facing resistance.
6 Sep Analysis
1. Since, 1st 5 min candle closed below CPR, it created short opportunity will S1 zone marked yesterday.
2. 2nd short opportunity created based on FIB Retracement, If you apply FIB from day's high till low created at yellow line. You will notice retracement was from exactly at 0.5 level. 0.618 & 0.5 are the major retracement levels you can use for 2nd opportunity.
Note:
BN closed below CPR and CPR is also wide, usually these days market goes into consolidation.
Nifty also closed below CPR and it's CPR is very small.
On the up side, BN will face many issues due to small gap between Pivot, Day High & Each resistance.
Trading Strategies for 7 Sep
1. In case of Gap-Up opening above Pivot, book small profits at each resistance, don't wait for huge movement.
2. In case of flat or gap down opening, we can see major fall till S3/S4.
3. In case of small gap-up opening, wait for 5 min candle close below CPR and if nifty also shows weakness near it's CPR, then go short for big returns.
Trade with the trend only. Don't go against trend. Remember, "Trend is your friend, until it bends".
Kindly use these levels only as Entry & Exit when market trades near these levels and is taking support or facing resistance.
6 Sep Analysis
1. Since, 1st 5 min candle closed below CPR, it created short opportunity will S1 zone marked yesterday.
2. 2nd short opportunity created based on FIB Retracement, If you apply FIB from day's high till low created at yellow line. You will notice retracement was from exactly at 0.5 level. 0.618 & 0.5 are the major retracement levels you can use for 2nd opportunity.
Note:
BN closed below CPR and CPR is also wide, usually these days market goes into consolidation.
Nifty also closed below CPR and it's CPR is very small.
On the up side, BN will face many issues due to small gap between Pivot, Day High & Each resistance.
Trading Strategies for 7 Sep
1. In case of Gap-Up opening above Pivot, book small profits at each resistance, don't wait for huge movement.
2. In case of flat or gap down opening, we can see major fall till S3/S4.
3. In case of small gap-up opening, wait for 5 min candle close below CPR and if nifty also shows weakness near it's CPR, then go short for big returns.
Trade with the trend only. Don't go against trend. Remember, "Trend is your friend, until it bends".
Trade closed: target reached
Flat opening pushed prices below S2 but support from 31 Aug Virgin Pivot, pushed prices back to CPR. And then resistance at CPR moved prices back towards S1.1st Entry - When price moved below previous day low
2nd Entry - Support of S2
3rd Entry - Resistance at CPR
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