11-04-2022 BANKNIFTY NIFTY BANK
Here the market appears to be bearish.
We will be looking at both scenarios.
So on the chart,
Scenario 1: Long Position.
Based on Fibonacci Retracement and Trendline the possible resistance breakout point would be around 37850 with an SL of around 37750 and the expected target would be around 38100.
The Scenario 2: Short Position
Based on the Fibonacci Retracement and Trendline the possible support breakout point would be around 37475 with an SL at around 37575 and the target would be at around 37220.
Please note I have not marked the Fibonacci Retracements and Trend Lines to avoid complex markings.
We will be looking at both scenarios.
So on the chart,
Scenario 1: Long Position.
Based on Fibonacci Retracement and Trendline the possible resistance breakout point would be around 37850 with an SL of around 37750 and the expected target would be around 38100.
The Scenario 2: Short Position
Based on the Fibonacci Retracement and Trendline the possible support breakout point would be around 37475 with an SL at around 37575 and the target would be at around 37220.
Please note I have not marked the Fibonacci Retracements and Trend Lines to avoid complex markings.
Disclaimer
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.