Akhil008

BANK NIFTY | Island Reversal ?

NSE:BANKNIFTY   NIFTY BANK
Certainly current scenario for BANKNIFTY             doesn't look encouraging from bulls perspective. There's an island reversal pattern in daily chart which indicate we need to be very cautious to go long at least until is cracks 25700/26000. Supports are seen at around 25200, 25000 and 24600. Price of 25000 looks a pretty solid support where we could find price action support, Fib retracement level and psychological support being a round number. So let's be cautious at the moment and I would advice bulls to have their positions hedged with put options. And bears, need to be wary of 25000 mark where it's better to book profits and initiate fresh shorts if 25000 is broken. Let's not forget about Gujarat elections.
Comment: Pierced through 25200 with ease. Now, 25K seems like support of last resort, a break of which could trigger another round of sell-off.
Comment: Hanging man followed by a big bear candle. Doesn't look rosy fir the index. We might be moving down with good acceleration.
Comment: Supports are being respected. Let's see whether 25700 and possibly 26K can be breached.
Comment: 25700 looks like a thing of past. Expecting new all time highs soon.
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