BankNifty Trade Plan for 8th March
1. Today BN saw the reversal considering BankNifty was in the oversold region and 32200 gave strong support with the W pattern. BN has entered the long channel
2. Tomorrow we could see a trending market if it breaks the 33500 levels with a 15-minute bullish candle and will head to 34000 levels to close the previous gap
3. Long - Key support areas will be 33000 and 32800.
4. I will only short if 32500 / 32200 level breaks
Note if the price opens at 33500 then being a resistance it may come down to take support at 33000 and 32800 and then move up. But one has to be prepared for both sides depending on global queues. Domestic election results also had a positive effect today on market but what if in the wake of oil prices there is a fuel surcharge news. Good to weigh in all factors and then see price action on charts. Note always watch out for price action at round levels that's the reason why I have key levels marked in the dotted line.
1. Today BN saw the reversal considering BankNifty was in the oversold region and 32200 gave strong support with the W pattern. BN has entered the long channel
2. Tomorrow we could see a trending market if it breaks the 33500 levels with a 15-minute bullish candle and will head to 34000 levels to close the previous gap
3. Long - Key support areas will be 33000 and 32800.
4. I will only short if 32500 / 32200 level breaks
Note if the price opens at 33500 then being a resistance it may come down to take support at 33000 and 32800 and then move up. But one has to be prepared for both sides depending on global queues. Domestic election results also had a positive effect today on market but what if in the wake of oil prices there is a fuel surcharge news. Good to weigh in all factors and then see price action on charts. Note always watch out for price action at round levels that's the reason why I have key levels marked in the dotted line.