Bank Nifty 03/02/21 21.32 hour
Bank Nifty has tested the breakout implication target 161.8% of the fall from 32971 to 29752.
Expected level was 35000 and the same has been attained as high registered on 03/02/21 is 34998.
An indecisive candle- doji/hanging man has been formed which suggest that further direction is out side the range of 03/02/21.
The high and low registered on 03/02/21 is 34998/34097.
Traders if long and holding the same can revise up the stop loss to 34000.
If Bank Nifty sustains above the open of the day on 04/02/21 market and trades above 35000 then trade long with low of the day stop loss or 34800.
Correction and sideways volatility may emerge if sustains below 34000.
If trades below the open and below 34000 then expect correction to be resume of the rise from 29752 .
The gap support at lower range below 34000 is placed at 33601-33276.
On fall and close below 34000 expect correction to test the gap of 33601-33276.
If the upside momentum sustains then expect a gradual rise towards 261.8% of the fall from 32971 to 29752.
The 261.8% retracement of the fall is at 38280.
Expected level was 35000 and the same has been attained as high registered on 03/02/21 is 34998.
An indecisive candle- doji/hanging man has been formed which suggest that further direction is out side the range of 03/02/21.
The high and low registered on 03/02/21 is 34998/34097.
Traders if long and holding the same can revise up the stop loss to 34000.
If Bank Nifty sustains above the open of the day on 04/02/21 market and trades above 35000 then trade long with low of the day stop loss or 34800.
Correction and sideways volatility may emerge if sustains below 34000.
If trades below the open and below 34000 then expect correction to be resume of the rise from 29752 .
The gap support at lower range below 34000 is placed at 33601-33276.
On fall and close below 34000 expect correction to test the gap of 33601-33276.
If the upside momentum sustains then expect a gradual rise towards 261.8% of the fall from 32971 to 29752.
The 261.8% retracement of the fall is at 38280.
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