BANKNIFTY TRADE SETUP FOR THE DAY
-banknifty index bounced back 350 points once it re-tested its 200-ema on hourly chart
-right now as you see it entered its trading range of 35550-36540
-expect selling pressure again near the levels of 36215-36540
-bullish view is intact minor correction was needed
-first the index must breakout of the trading range to start fresh leg of the rally
-if index breaks below its 200-ema in 30-mins chart we can expect a deep correction
-crucial support is placed@35550
-crucial resistance is placed@36215-36540
-wait and watch approach
-those who brought long position on friday near the low stay long with the given stop
-expect banknifty to hit 40k if breaks above previous high
BANKNIFTY RESISTANCE FOR THE DAY
36215-36540-36850
BANKNIFTY SUPPORT FOR THE DAY
35550-34900-34300
-right now as you see it entered its trading range of 35550-36540
-expect selling pressure again near the levels of 36215-36540
-bullish view is intact minor correction was needed
-first the index must breakout of the trading range to start fresh leg of the rally
-if index breaks below its 200-ema in 30-mins chart we can expect a deep correction
-crucial support is placed@35550
-crucial resistance is placed@36215-36540
-wait and watch approach
-those who brought long position on friday near the low stay long with the given stop
-expect banknifty to hit 40k if breaks above previous high
BANKNIFTY RESISTANCE FOR THE DAY
36215-36540-36850
BANKNIFTY SUPPORT FOR THE DAY
35550-34900-34300
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