dravya
Long

BANKNIFTY - POPULAR DEMAND IDEA

NSE:BANKNIFTY   NIFTY BANK
NSE:BANKNIFTY is very popular over here.

and many traders asked me for intraday levels yesterday.

So, to help everyone, here I have zoomed in the previous chart. Where I put the thin arrow mark for light selling pressure which happened ,
but the overall market structure is showing uptrend.

Traders have been asking me for levels,
to them my answer is,
follow my charts and then,
trade the break or the support of the lines. don't trade in the middle, when it is far from line.

So, here I would look to buy banknifty on the lower edges of the channel with a significant break as a stoploss. I wouldn't initiate fresh shorts on the break of the trendline though as risk:reward is better in long.

Also, watch out for the blue line, and whether it stays above or below it .

Medium term -
19700 on the upside is the potential swing end.
18200-400 on the down trendline depending on how much time it takes.


Ok , so that was it for today.
Glad to help.

P.S. For longer term, you can see the idea below, the zoomed out chart.

I hope you like it.

Comment: Lines showed their work but there wasn't enough demand and trend changed for short term. But with tight stop loss, no damage happened.
Regards.
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