BANKNIFTY INDEX MAGICAL LEVELS FOR 29-09-23

Sep 28, 2023

The plotted levels on the chart should be considered only when BANKNIFTY opens flat on 29-09-2023.

If BANKNIFTY opens GAP-UP or GAP-DOWN on 29-09-2023 then the following calculations must be considered:

Level 1 = OPEN PRICE (29-SEP) -78.80
Level 2 = OPEN PRICE (29-SEP) -235.75
Level 3 = OPEN PRICE (29-SEP) - 117.80
Level 4 = OPEN PRICE (29-SEP) + 78.80
Level 5 = OPEN PRICE (29-SEP) + 235.75
Level 6 = OPEN PRICE (29-SEP) + 117.80
Level 7 = (Level 1 + Level 2) / 2
Level 8 = (Level 4 + Level 5) / 2

The yellow, purple, and white coloured lines plotted on the attached chart are strong reversal levels.

DISCLAIMER: This idea is only for educational purpose.

Sep 29, 2023

Note

44602.50 is the most important level now. If this level is broken, more upward movement is expected and BANKNIFTY might be unidirectional for the rest of the day.

Sep 29, 2023

Note

44764.50 is very important level for BANKNIFTY now. if price sustains over this level then sky is the limit for BANKNIFTY for rest of the day.