Bank Nifty has taken resistance exactly from the level the previous day from where the downtrend started on 26 Nov 2021 Scroll backward for the level.
Technical Analysis explained in the chart
Sentiment Analysis
Global sentiment is negative due to high US inflation number.
Call buildup is huge at the resistance level 37500 for this weeks expiry.
Three day range was decisively broken with power at the start of market hour which shows power.
Market consolidated all day as expected.
Expecting further down move since we are still in sellers territory
Technical Analysis explained in the chart
Sentiment Analysis
Global sentiment is negative due to high US inflation number.
Call buildup is huge at the resistance level 37500 for this weeks expiry.
Three day range was decisively broken with power at the start of market hour which shows power.
Market consolidated all day as expected.
Expecting further down move since we are still in sellers territory
Comment:
Nifty is Weaker compared to Banknifty
Comment:
Today & Yesterday, banknifty traded in tight range with overall weakness closing at the lower part of the range.
Huge downmove is expeceted tomorrow after the US Fed meeting.
It is normal, the market is waiting for the news to make further move.
Huge downmove is expeceted tomorrow after the US Fed meeting.
It is normal, the market is waiting for the news to make further move.
Comment:
Banknifty got rejected exactly from yesterday's high (same level from where the initial three day range was broken ) with huge red candles with volume in the last half n hour.
Huge move is expected till 35800 as a good support.
I will trade my plan accordingly
Huge move is expected till 35800 as a good support.
I will trade my plan accordingly
Comment:
Will Patience is the key.....and also timing....
Made a good money from the above analysis
Made a good money from the above analysis