Do you see #banknifty weak?
No, BN at 35,806 is trading above the majority of SDMA (10/20/50/100) and 5 SDMA is 35,903, and the majority of momentum & trend oscillators are in buy mode.
What do I do, go long or go short? I don't see any weakness in the market until 34,861 is breached. Till that time, its buy-in dips the market for higher targets.
Do I get a shorting opportunity at higher levels? Yes, might be close to 36,600 to 37,900 areas
Where do you see major support for BankNifty ? 35,211 / 35,404 / 35,596
Where do you see major resistance for BankNifty ? 36,372 / 36,631 / 36,891
On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
The view remains the same for tomorrow, hence no new analysis.