the bank nifty looks weaker in the 15 mins chart.
ltp: 38930
support: 38500
resistance: 39300
if you remember my study before, bank nifty futures had resistance at 38500 and 39000. now that the resistance is broken, it theoretically becomes an immediate support.
rsi, divergence, macd, all the indicators are weak and the vwma is just been broken and the weakness is supported by supertrend here.
if you see the hourly charts, there is a fresh bearish crossover in macd which is never a good sign. rsi and divergence is bearish as well but the supertrend is still in green. supertrend support is at 38550 so this confirms my support drawing at 38500.
daily chart of bank nifty futures are still in a bullish trend.
my idea would be to stay away from bank nifty futures till the trend is clear because the charts are giving us a mixed signal.
as I say at times that no trade is better than a wrong trade, this is the time to implement it.
ltp: 38930
support: 38500
resistance: 39300
if you remember my study before, bank nifty futures had resistance at 38500 and 39000. now that the resistance is broken, it theoretically becomes an immediate support.
rsi, divergence, macd, all the indicators are weak and the vwma is just been broken and the weakness is supported by supertrend here.
if you see the hourly charts, there is a fresh bearish crossover in macd which is never a good sign. rsi and divergence is bearish as well but the supertrend is still in green. supertrend support is at 38550 so this confirms my support drawing at 38500.
daily chart of bank nifty futures are still in a bullish trend.
my idea would be to stay away from bank nifty futures till the trend is clear because the charts are giving us a mixed signal.
as I say at times that no trade is better than a wrong trade, this is the time to implement it.