Nifty50 & BankNifty Analysis For upcoming

Nifty 50 IndexNSE

Description

⋅ Feb 11, 2024 5:24 PM

NSE:BANKNIFTY

Forming A 2 leg correction in bull channel and took support of micro and major channel.

0.786 Fib retracement of previous up move.

1st Scenario - Price continues its movement and breaks the resistance zone of 45950- 46070 and then tests the upper line of the major channel.

Entry long if 30 min close above 46070.

2nd Scenario - Price Face Resistance of 46000 zone and test the support of 45850- 45000.

Entry Short below 30 min bearish signal candle around 46000.

NSE:NIFTY

The Movement is Similar to BANKNIFTY as they got in alignment.

There is an Immediate supply zone around 21800, if a 15-minute candle closed above it then you can initiate long with a strict Stop.

On the upside Resistance zone is All time HIGH 22124.
if it didn't sustain above resistance and reverses then Supports are mentioned on the chart.

Keep learning,
Happy Trading.

Comment

⋅ Feb 16, 2024 5:31 PM

Moving as per Analysis- Ready To visit Upper Resistance.