ChartMantra

BankNifty Intraday view for 09-08-2021

NSE:BANKNIFTY   NIFTY BANK
Good morning all,

*Descriptive analysis alert*

Friday substantiated the saying, 'money saved is money earned. The index was in the range we had marked out. Any trade taken would have been troublesome to say the least.

For what's in store for tomorrow?
On the daily chart , it did move above the 35800 mark up till 36200 (dynamic support line working as resistance this time) and has pulled back from there.
We are again at a level that has acted as static resistance multiple times before and is evident on the hourly chart too. The 15M chart tells another story though. Multiple bottoms around 35720 and lower highs suggest a southside move. So, neutral for me.

Long side view:
Buy above 36155
Target 1 - 36220
Target 2 - 36290
above this, trail your SL
(Long SL - 100 points)
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Short side view:
Sell below 35660
Target 1 zone - 35545 - 35525
below this, trail your SL
(Short SL - 100 points)

*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., do spread the word.
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