BankNifty is closing at 36,683, this is the first time in the last 18 months we have back-to-back two weekly closings above 36,000.
This week was more of consolidation after breakout due to a truncated week with low volume.
Last two weeks closing:- As per the data points, 36,000 areas will continue to be a demand zone.
Date Price Open High Low - Volume Chg% Sep 05, 2021 36,683.20 36,818.55 36,912.90 36,155.45 175.84M -0.21% Aug 29, 2021 36,761.15 35,781.05 37,140.00 35,721.90 816.66M 3.18%
On Daily timeframe, the closing price is above 5,10,20,50 DMA ( 36,654/36,507/36,088/35,587), trend & momentum oscillators are in buy mode and the majority of pivot points are placed around 36,672 (near our closing price).
To sum up data points, we are bullish.
On hourly chart pole & flag pattern, again bullish.
That's what I read from the chart, dil bola short but brains say stay long.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.