Big Red Candle: Today's trading session witnessed a significant bearish movement, evident in the formation of a substantial red candle on the daily chart.
EMA Confirmation: Adding to the bearish outlook, Banknifty closed below the 20 EMA, reinforcing the negative sentiment among traders.
Short-Term Downtrend Signals:Lower Low and Lower High
Lower Low Formation: Banknifty has created a lower low in the short term, coupled with a lower high, indicating a clear sign of a short-term downtrend.
Cautious Optimism: Despite the bearish signals, we cautiously identify the 46900 zone as a potential bullish trend support, offering a glimmer of hope in the current market scenario.
Exercise Caution and Watch Key Levels:
High Probability of Downside: Acknowledging the strong likelihood of a downside movement, traders are advised to exercise caution and closely monitor market developments.
Critical Level Alert: Today's low holds significant importance; a breach below this level may indicate unfavorable market conditions and should be considered a crucial signal for market participants.
Comment
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As anticipated, the robust support at 46900 worked wonders, propelling Bank Nifty into an impressive rally.
Trade closed: target reached
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🎯 Target Achieved: Bank Nifty at 45675! 🚀✨ Now, keeping a watchful eye as we anticipate potential bullish trades if Bank Nifty closes above this significant level. Stay tuned for market updates!
Mid cap nifty 10599 . .maxi 10666-10689 then new low? Or from here itself new low?..my view expecting low 10486-10412-10333-10234-10181 today ...( Which number get struck we shd get out on that number)...fin nifty 21426 ...my view today or tomorrow 21234-21181-21020-19981-19926 also possible and high maxi 21486-21555-21598 so according to this add pe ( 16th Jan expirey)...so pe of mid cap pe of fin nifty...then my view nifty fut high this week 22181-22234 and low 21612-21555-21486 in between ( don't get shock)...this week bank nifty fut high 48888-48926 and low will be 47020-46777 ranges ...( Valid Monday to Friday) just sharing my views
iamrk7
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@ahambrammaasmimuthoo, I appreciate you sharing your perspective! I'll take a look at the levels you've mentioned.
.maxi 10666-10689 then new low? Or from here itself new low?..my view expecting low 10486-10412-10333-10234-10181 today ...( Which number get struck we shd get out on that number)...fin nifty 21426 ...my view today or tomorrow 21234-21181-21020-19981-19926 also possible and high maxi 21486-21555-21598 so according to this add pe ( 16th Jan expirey)...so pe of mid cap pe of fin nifty...then my view nifty fut high this week 22181-22234 and low 21612-21555-21486 in between ( don't get shock)...this week bank nifty fut high 48888-48926 and low will be 47020-46777 ranges ...( Valid Monday to Friday) just sharing my views