Banknifty Support&Resistance levels for 21st May Tuesday
Bank Nifty Analysis for 21st May (Tuesday)
Hello Traders! Today, let's dive into our Bank Nifty analysis for 21st May, using our trusted support and resistance strategy. We’ll take a top-down approach, starting from the daily timeframe and narrowing down to the 3-minute timeframe for precise trading actions.
Daily Timeframe
On the daily chart, Bank Nifty is in a bullish trend, moving within a rising channel. This overall bullish momentum sets the stage for our buy-on-dip strategy.
1-Hour Timeframe
Switching to the 1-hour timeframe, we’ve marked key support and resistance levels with yellow rectangular bars. Currently, Bank Nifty is at 48,199. The immediate resistance is at the 48,450 area, while the immediate support lies in the 47,950 to 48,000 range.
Trading Timeframe (3-Minutes)
For the 3-minute trading actions:
Flat Open: If Bank Nifty opens flat, wait for positive price action around 48,220. A long position can be taken with a target of 48,450 to 48,500.
Gap Up Open: If Bank Nifty opens with a gap up, wait for a dip towards the support levels on the chart. If strength is observed at these levels, look for long positions on dips.
Bearish Scenario: Only consider bearish trades if prices sustain below 47,750. Until then, focus on the buy-on-dip strategy.
Hello Traders! Today, let's dive into our Bank Nifty analysis for 21st May, using our trusted support and resistance strategy. We’ll take a top-down approach, starting from the daily timeframe and narrowing down to the 3-minute timeframe for precise trading actions.
Daily Timeframe
On the daily chart, Bank Nifty is in a bullish trend, moving within a rising channel. This overall bullish momentum sets the stage for our buy-on-dip strategy.
1-Hour Timeframe
Switching to the 1-hour timeframe, we’ve marked key support and resistance levels with yellow rectangular bars. Currently, Bank Nifty is at 48,199. The immediate resistance is at the 48,450 area, while the immediate support lies in the 47,950 to 48,000 range.
Trading Timeframe (3-Minutes)
For the 3-minute trading actions:
Flat Open: If Bank Nifty opens flat, wait for positive price action around 48,220. A long position can be taken with a target of 48,450 to 48,500.
Gap Up Open: If Bank Nifty opens with a gap up, wait for a dip towards the support levels on the chart. If strength is observed at these levels, look for long positions on dips.
Bearish Scenario: Only consider bearish trades if prices sustain below 47,750. Until then, focus on the buy-on-dip strategy.
Comment:
Opening at support area 47950
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Trade active:
Trade closed: target reached:
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May 22nd 2024
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Both support and resistance levels working traded in between
