Banknifty 36000 ? - Wk'ly Analysis and Setup for 17 Oct 2022
Banknifty Intraday levels for Monday and Weekly analysis..
Global Markets are down by more than 1 %. We can expect Gap down Open in Banknifty .
Expectation : Big Gap down Open - Bearish Continuation
Banknifty likely to Open with Big Gap down tomorrow around 39000 - 39100 mark below Strong SELL Level. Any breakout below / Opens below 39100 we can expect Target 1 & 2 levels will be tested. Uptrend possible only above 39511 until its down trend.
However Banknifty looks strong when comparing with Nifty, and we have very few support zones in Banknifty, incase if these supports zones are compromised Banknifty will also fall huge.
Any breakout below 38700, we can expect 36000 will be tested in few days may be in two weeks time.
For quick scalping, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
Global Markets are down by more than 1 %. We can expect Gap down Open in Banknifty .
Expectation : Big Gap down Open - Bearish Continuation
Banknifty likely to Open with Big Gap down tomorrow around 39000 - 39100 mark below Strong SELL Level. Any breakout below / Opens below 39100 we can expect Target 1 & 2 levels will be tested. Uptrend possible only above 39511 until its down trend.
However Banknifty looks strong when comparing with Nifty, and we have very few support zones in Banknifty, incase if these supports zones are compromised Banknifty will also fall huge.
Any breakout below 38700, we can expect 36000 will be tested in few days may be in two weeks time.
For quick scalping, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
