BIG Bounce Or Fall? Banknifty Simple Analysis for tomorrow

NSE:BANKNIFTY   Nifty Bank Index
As mentioned yesterday's analysis Bank nifty started with fake break out after firing 2 strong bullish candle on 15min & then a sudden dip trapped many players. But still strong support 46900 helped saved bulls to reach again for a breakout but failed & BN closed at support 46900.

Analysis for Next Day:

Bears have started dominating as seen today bulls failed to break 47200-47300 level twice also confirms bears presence more then bulls. Again mentioning bullish presence is strong above 47300.

Trend line support has also been broken in last 30 min session today & closed at support. if BN open below 46900 this can be bearshish move. Keep eyes on opening print.

Bulls can bounce from daily resistance if gap up opening is seen & for momentum they need to cross 47300.

Looks like may be it will a sideways day tomorrow.

Support : 46900,46700
Resistance : 47100,47300

Note : Do your own analysis before making any trade decesions.
A Preparation & regular practice keep you ahead of others!! Look the analysis how it has worked today if you had just keep the notes of above analysis you had got much easy day to trade today

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.