BankNifty Firday levels to watch 40000 and 39700 to 39800 Area.
Bank nifty in bigger picture still in downtrend, for intraday prespective there are few levels to watch and play with price action, on wednesday it took support at 39700 and 39800 area multiple times buyers exist in this area, another area to watch for is 40000 area where it meets trend line from shorter trend line ,only above 40000 price sustains with good bull candle any weak pull back to 40000 go long there is chance to test 40200 40400 40600 levels above 40000.
Area to look for entries
39700-39800 for CE stop loss 39550 Targets of 40000,40200,40400
40000 above sustains CE stop loss 39850 Targets 0f 40200,40400,40600,
Reversal play at 40000 -39900 area Targets till 39800 to 39200 if you see any negative price go short stop loss intermediate swing high or 100 points above.
No trade zone if trading between 39900 to 40000 levels.look for area where previous days turning points no random entries.
Area to look for entries
39700-39800 for CE stop loss 39550 Targets of 40000,40200,40400
40000 above sustains CE stop loss 39850 Targets 0f 40200,40400,40600,
Reversal play at 40000 -39900 area Targets till 39800 to 39200 if you see any negative price go short stop loss intermediate swing high or 100 points above.
No trade zone if trading between 39900 to 40000 levels.look for area where previous days turning points no random entries.
Comment:
Be caution at these levels it fell from same level before. do your analysis if you are long
