BANKNIFTY TRADE SETUP FOR THE DAY

INDEX SUMMARY

-BANKNIFTY IS LOOKING WEAK AGAIN
-INDEX AGAIN HAS BROKEN THE 200-EMA ON DAILY CHART
-NOT BY MUCH BUT STILL BELOW ITS 200-EMA
-NOW INDEX NEEDS TO FIND SUPPORT AT LOWER LEVELS
-IF GAP-DOWN IS THROUGH THEN BANKNIFTY MIGHT ATTEMPT TO FIND SUPPORT @23180-200
-IF BANKNIFTY WANTS TO REGAIN STRENGTH AND MOVE HIGHER IT NEEDS TO CROSS 23550 AGAIN
-ON HOURLY CHART BANKNIFTY HAS BROKEN ITS 20-EMA AND HAS STARTED TO TRADE LOWER
-CRUCIAL SUPPORT ZONE COMES IN @23050-23150 ON HOURLY CHART
-CRUCIAL RESISTANCE COMES @23500-23550 ON HOURLY CHART
-WAIT AND WATCH APPROACH FOR BANKNIFTY INDEX
-WILL NOT TRADE THE INDEX TODAY AS PRICE ACTION NEEDS TO BE ANALYSED MORE
-WILL CARRY LONGS IF INDEX SUSTAINS ABOVE 23550 IN CLOSING MINS


BANKNIFTY RESISTANCE FOR THE DAY
23500-23725-23880 (FUT)
BANKNIFTY SUPPORT FOR THE DAY
23180-23070-22800 (FUT)


!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!HAPPY TRADING!!

SCREENSHOT