Bank nifty has shot near to it's all time high, and starting a new month today. we should relook at the patterns created by BNF in the past few months in order to predict the possibilities of the current month.
The enthusiasm about vaccine & economic recovery has helped it reach the current high levels. Though we are pretty far from recovery I believe. On slight news / events of uncertainty BNF should give a good move on the down side. Support levels marked on chart are as follows
Support 1 : 28000 Support 2: 23500 Support 3: This is DYNAMIC.as the blue TL varies , it's value will vary as well (Currently it's around 22000)
On the upper side, the resistance remains strong around 32000-33000. Resistance 1: 32000 Having said that, further optimism around the recovery & Biden's smooth transition with some declaration of stimulus may break this level up and then we should be on the long side with strict sl of 32500
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As predicted , BNF has touched the Support 1 (green TL) currently around 29000. Now if this Support 1 Breaks, we should aim towards 1. Midway of Support 2 2. support 2