Banknifty future chart analysis for 16.08.2023
As you can see here price took nice rejection from Median Line , so it must go down but
here a little twist remains as you can see that bollinger bands are pretty
broad, so if price opens near same place where it left off then there is a
high chance that it will take support on bollinger bands standard deviation one
and may go in a sideways.
if price again goes below 44065, then you can again witness a burst and price will achieve all
targets downside.
in between 43862 is a strong support.
If price goes above 44356, then it may easily reach to the level of 44546, 44546
is a super strong resistance price may again go down to the level of 44205,
crossing above 44546 may push it towards 44725.
here a little twist remains as you can see that bollinger bands are pretty
broad, so if price opens near same place where it left off then there is a
high chance that it will take support on bollinger bands standard deviation one
and may go in a sideways.
if price again goes below 44065, then you can again witness a burst and price will achieve all
targets downside.
in between 43862 is a strong support.
If price goes above 44356, then it may easily reach to the level of 44546, 44546
is a super strong resistance price may again go down to the level of 44205,
crossing above 44546 may push it towards 44725.