What we are seeing in the bank nifty future in a daily time frame?
I am using a 20-moving average along with Fibonacci levels, marked support and resistance as well.
The price is below the 20 MA which means the price is not going to up sooner, but it does not mean the market is crashing. I can call bank nifty is correcting itself after making a new all-time high.
Various Possibilities
The price is near an important support zone powered by the Fibonacci level of 0.382.
If the price gets a grip in 41500 and sustains there for a while it may move further upward direction.
Or by chance,if the price may reach the Fibonacci level of 0.5 which is 40900, and it may be bounce back from there according to the technical analysis.
Corona News might be the other reason if the price fails to hold at the Fibonacci level of 0.5
I am using a 20-moving average along with Fibonacci levels, marked support and resistance as well.
The price is below the 20 MA which means the price is not going to up sooner, but it does not mean the market is crashing. I can call bank nifty is correcting itself after making a new all-time high.
Various Possibilities
The price is near an important support zone powered by the Fibonacci level of 0.382.
If the price gets a grip in 41500 and sustains there for a while it may move further upward direction.
Or by chance,if the price may reach the Fibonacci level of 0.5 which is 40900, and it may be bounce back from there according to the technical analysis.
Corona News might be the other reason if the price fails to hold at the Fibonacci level of 0.5