BankNifty Index view on 31st Aug 2020
Bullish view: If price stays above the brown trendline, then look for buying opporunity only. Enter only if it comes near the trendline and support level (Blue Horizontal Line). Look for price rejection near the key support zone.
Support Zone: 24390-24420
Bearish view: If price breaks the brown trendline alongwith blue support line and retest the trendline again, then look for shorting opportunity. Look for price rejection near the key resistance levels
Resistance Zone: 24390-24420
My Personal View: BankNifty likely to retest the trendline and may respect it. So, my view is bullish and I will wait for the retracement to enter.
Bullish view: If price stays above the brown trendline, then look for buying opporunity only. Enter only if it comes near the trendline and support level (Blue Horizontal Line). Look for price rejection near the key support zone.
Support Zone: 24390-24420
Bearish view: If price breaks the brown trendline alongwith blue support line and retest the trendline again, then look for shorting opportunity. Look for price rejection near the key resistance levels
Resistance Zone: 24390-24420
My Personal View: BankNifty likely to retest the trendline and may respect it. So, my view is bullish and I will wait for the retracement to enter.
Trade closed: target reached
