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BANKNIFTY 2019 Yearly Analysis Part 1

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NSE:BANKNIFTY   NIFTY BANK
In this part, we see the pivot width and two year pivot relationship to understand whether this year will be trending or bracketed for BANKNIFTY .

1.)Analysis on the basis of Standard Floor Pivots .

The two year pivot relationship shows the upcoming year will be bullish . The CPR of 2019 is way above CPR of 2018.
The CPR of 2019 is also narrow indicating a trending market in 2019.
Since 2 months have passed and index was not able to breach Centra Pivot , in my opinion, this year is going to be bullish as long CPR is not breached and act as support.

2.)Analysis on the basis of Camarilla Pivots .

The two year pivot relationship shows the upcoming year will be MODERATELY BULLISH as there is an overlapping of third layer of 2018 and 2019.
The third layer is considerably narrow indicating a trending market.

My opinion:

The L3 and BC of CPR is visually very near indicating a strong support and amazing opportunity for reversal in Index.
If L3 is broken and sustained, there will be a huge sell off.

As of now CPR has acted as great support and the market now looks to take off. H3 will be seen to be an important level to look for. If it is breached, it may go to H4 and further.

In the next part, we will discuss the key levels to look for.

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Constructive criticism appreciated.
Thank you.

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