bank nifty is facing a strong resistance at 44,000 - check now
"Dear Falcon Traders!
We have come up with another analysis of Bank Nifty for next week. Falcon Traders bank nifty took support at our crucial zone of support of 43,400 levels and reversed. So are we bullish now? Is the market out of the grip of the bears?
This is bank nifty chart on the daily time frame.
Falcon traders bank nifty is facing a strong resistance at 44,000 levels as marked by me on the chart as we can see last week also bank nifty getting rejected from this zone of resistance. Thereafter bank nifty took support at 43,300 levels and we saw a sharp reversal. So for the next week, trading in bank nifty will be dependent on these crucial levels between 44,000 and 43,300 levels.
My trade plan for next week will be to go short below 43,300 levels for a target of 42,400 on the daily closing basis and I will keep my stop loss above 43,700 levels. Traders, I still maintain a bearish outlook in the market till we see any close above 44,700 levels on the daily closing basis I will maintain a bearish bias in bank nifty.
So to summarise my analysis for next week for bank nifty
One - bearish trade below 43,300 levels with stop loss above 43,700 and a target of 42,400.
Two – bullish trade only above 44,700 levels on daily closing basis.
Falcon Traders, do you agree with this plan ?
We have come up with another analysis of Bank Nifty for next week. Falcon Traders bank nifty took support at our crucial zone of support of 43,400 levels and reversed. So are we bullish now? Is the market out of the grip of the bears?
This is bank nifty chart on the daily time frame.
Falcon traders bank nifty is facing a strong resistance at 44,000 levels as marked by me on the chart as we can see last week also bank nifty getting rejected from this zone of resistance. Thereafter bank nifty took support at 43,300 levels and we saw a sharp reversal. So for the next week, trading in bank nifty will be dependent on these crucial levels between 44,000 and 43,300 levels.
My trade plan for next week will be to go short below 43,300 levels for a target of 42,400 on the daily closing basis and I will keep my stop loss above 43,700 levels. Traders, I still maintain a bearish outlook in the market till we see any close above 44,700 levels on the daily closing basis I will maintain a bearish bias in bank nifty.
So to summarise my analysis for next week for bank nifty
One - bearish trade below 43,300 levels with stop loss above 43,700 and a target of 42,400.
Two – bullish trade only above 44,700 levels on daily closing basis.
Falcon Traders, do you agree with this plan ?
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