manavtechresearch

BANKNIFTY TRADE SETUP

Long
NSE:BANKNIFTY   NIFTY BANK
-BANKNIFTY EXPIRY RANGE OF 22400-23070 WAS VALID
-IT ALMOST CLOSED NEAR THE UPPER RANGE
-BANKNIFTY IS IN A STRONG UPTREND
-ANY DIPS TOWARDS 22700-22600 SHOULD BE USED TO BUY INTO THE INDEX
-BANKNIFTY CONQUERED 22450 ON CLOSING BASIS TO MOVE HIGHER AS DISCUSSED EARLIER
-INDEX HAS NOW MULTIPLE SUPPORTS NOW PLACED BETWEEN 22200-21800
-CRUCIAL SUPPORT PLACED AT 22450 (RESISTANCE-TURNED-SUPPORT)
-AND IT MANAGED TO HOLD ABOVE IT FOR TWO DAYS AND TODAY IS WEEKLY CLOSE SO MUST STAY ABOVE THAT
-NEXT TARGET ON BANKNIFTY 23070-23480
-I EXPECT TODAY MARKET TO TRADE IN THE RANGE OF 23070-22400
-BREAK ON THE UPSIDE WILL LEAD TO TEST OF 23250-23460 LEVELS
-BANKNIFTY HAS MANAGED TO BREAK ITS 4-MONTH TRADING RANGE SO IT WON'T BE EASY TO ENTER BACK
-"WAIT AND WATCH"
-BUY WHEN INDEX CROSSES ABOVE 23080

BANKNIFTY RESISTANCE FOR THE DAY
23080-23225-23460
BANKNIFTY SUPPORT FOR THE DAY
22680-22480-22380

!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES TO NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!

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