Bank Nifty Futures

RSI on daily charts has just bounced from 50. Moving average are just crossing over and there was a recent Doji which could be a start of a new uptrend. Daily charts means that this study is for a positional or short-term trade with a timeframe of about a week.

Intraday charts or 15m charts look a little doubtful. I am looking at Heikin Ashi to understand the trend and the closing candle was a red one and this means that we might see a little weakness in the start of the day. I tend to lean more towards the chances because RSI is in the overbought range as well.

The first support is at around 36000 which is a good 485 points from the closing of 36485. Entry to make new long positions can be made at around 36300 levels with stop loss well below 36000. I feel that bank nifty will bounce back once it finds support.


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