padiyara

BANKNIFTY 18874 , res 19500 sup:18500

Long
NSE:BANKNIFTY   NIFTY BANK
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1
we have a long time trend line res: at 19980 , it can go there also, but it is not the way , i approach the target level, unless i see an extreme bull market, i cannot sat higher target.
look at the indicators turning bullish , but notice that , they are all under bearish zone
Eg: the macd is below zero line


@venkaticr,
External influences like an election, a result session, or drought, rain, inflation etc. will definitely have impact on market, can give you a hint on direction, but not target levels.
And the indicators will help us defining the strength of force and direction.
Price levels can be calculated based on technical, like pivots , Fibonacci or wave extension levels, but not to be precise and definite, means it can varies depends on situations.
Same way Support & resistance can also be calculated from, a moving average, a trend line , pivots etc:
Here I expect BankNifty to go up further up, and next resistance will be 19493, as long as it trade above 18500 this resistance become a support now.

Comments

Great Sir. Your target reached and moved beyond.
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Thanks,
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