DISCLAIMER !!!
The following idea is just my analysis of current market condition.
Ideas and predictions published here are for educational purposes only.
Please conduct your own research and analyze market conditions before trading.
I WILL NOT BE RESPONSIBLE FOR ANY LOSSES occurred if someone decides to trade by following my idea.
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Bank Nifty opened with a considerable gap up. (as I mentioned yesterday that it could)
After this, it broke the crucial down trend line that has been going on since the market started to fall from 16th Feb 2021.
It then corrected itself and ended almost exactly on the down trend line as you can see in the chart.
The market was sideways today and my experience says that there can never be two consecutive days where the market is sideways.
So we can see a big movement in either of the directions.
As we can see that the overall trend of the market is still bearish, we can see a fall in the levels and in the coming days, it can also hit the bottom level of around 30500 which it has already hit thrice before.
If the market decides to go up, it can hit the 33300 level which is the previous resistance. If it crosses this level, we can see a big upside movement.
The reason why I see a big movement in the coming days is because Bank Nifty is currently at the crucial breakout point which can show a huge movement in either direction.
My analysis says that the market has consolidated enough and is ready for the big move.
.
You can judge the trend depending if the pre-market levels are either gap up or gap down and follow the green and red paths respectively.
The following idea is just my analysis of current market condition.
Ideas and predictions published here are for educational purposes only.
Please conduct your own research and analyze market conditions before trading.
I WILL NOT BE RESPONSIBLE FOR ANY LOSSES occurred if someone decides to trade by following my idea.
.
.
.
Bank Nifty opened with a considerable gap up. (as I mentioned yesterday that it could)
After this, it broke the crucial down trend line that has been going on since the market started to fall from 16th Feb 2021.
It then corrected itself and ended almost exactly on the down trend line as you can see in the chart.
The market was sideways today and my experience says that there can never be two consecutive days where the market is sideways.
So we can see a big movement in either of the directions.
As we can see that the overall trend of the market is still bearish, we can see a fall in the levels and in the coming days, it can also hit the bottom level of around 30500 which it has already hit thrice before.
If the market decides to go up, it can hit the 33300 level which is the previous resistance. If it crosses this level, we can see a big upside movement.
The reason why I see a big movement in the coming days is because Bank Nifty is currently at the crucial breakout point which can show a huge movement in either direction.
My analysis says that the market has consolidated enough and is ready for the big move.
.
You can judge the trend depending if the pre-market levels are either gap up or gap down and follow the green and red paths respectively.