PowerTrades

BANKNIFTY continues to Balance

NSE:BANKNIFTY   NIFTY BANK
Banknifty is continuing to balance within the upper range of the election weeks profile range ( 31650-31380 Futures levels ). A break on downside can see a test of 31100 and 30800 on the downside. the fact that we traded two consecutive days within a narrow Value area spread means changes of a break for the expiry is highly possible.
alternatively an outside break can test 32000 range.
Comment: Banknifty tested the exact marked lows, holding below the mean of the marked box ( about 31500) we should look for a retest of the lows back again
Comment: failed to break below the balance low and have now pulled back right at the upper edge of the balance highs, holding above this into tomorrow morning's session has a good chance to attempt the higher target zones
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