Second chart from the series of taking a look at the week that was in BankNifty. This week was very bullish trend in the market.
This chart indicates the overall breakout of the BANKNIFTY from it's bearish trend.
The previous two trading sessions have...
Let's Learn and Earn. Elliot wave mostly if identified correctly helps in discovering important psychological levels.
Second waveform can start and wave 5 for previous wave form is complete with correction of ABC. Today's last 15 min start of new likely wave of Bank Nifty is beautifully mapped on 15min Chart for your consumption.
Also if it enters...
Today Bank Nifty tested its Short term Major Supply zone @ 21350-21750. This same Supply Zone is there on a daily and weekly chart.
On the downside, there is a minor support @ 20500 and demand zone @ 19700-19800.
I will plan my trade if Bank Nifty will sustain above 21350.
Today Bank Nifty closed above its minor resistance level @ 20500.
On the upside there is the resistance of the trending channel and supply zone @ 21500-21800.
On the downside there is minor support @ 20500.
Bank Nifty closed above its demand zone @ 16700-16800. Once it sustains below this zone it may test its next support @ 16300 and 15500.
On the upper side if it will hold 16800 zones then again it may test 17500-17600 zone.
Last day Bank Nifty closed in its supply zone @ 26400-26470. Also, this is a middle zone if it’s a major supply and demand zone. If Bank Nifty will manage to sustain above this zone then it may test its next supply zone @ 26800-27050. Sustain above 27050 it may test its next supply zone @ 27150-27300.
I am expecting one bounce and don't think so Bank Nifty will...
Bank Nifty closed in its supply zone @ 30800-31020. If BNF will sustain above this zone then it may test its next supply zone @ 31275-31375 but in any case, if it will sustain below this zone then it may test 30650 then it may test lower level.
Bank Nifty closed in the middle of the Major Demand and Supply Zone. I think I will avoid trading in the Bank Nifty tomorrow. I will take a short long call from support or resistance and this is not a good area to take a fresh trade. I am in wait & watch mode for tomorrow.
Bank Nifty Weekly Demand Zones:
30450-30500 & 30150 & 30820-30900 & 29600-29670.
Bank Nifty Weekly Supply Zones:
30900-31120 & 31450-31650 & 31900-32100
BNF may give a strong downside moment once it will sustain below 30500. I will be bullish once it will sustain above 31560 in this week.
Demand Zone @ 31020-31100 and 30600-30450 and resistance @ 31440
On Tuesday there is a possibility that Bank Nifty may underperform. If it will sustain below 31100 then it will get a first bearish signal. I will go short in once it will sustain below 30900.
The above view will change If it will manage to sustain above 31100.
As I have mentioned in my Bank Nifty Weekly post, Bank Nifty chart is stronger than Nifty.
1st Major Supply Zone @ 31375-31475
1st Demand Zone @ 30900-31050
2nd Strong Demand Zone @ 30600-30660
Neckline @ 30500
I am not expecting tomorrow BNF will sustain above its first supply zone. If it will sustain then I will plan for a long trade.
On the downside,...
Please find the Trading Zones in the chart.
I am carrying my long position from 30300 (spot). Every breakout of supply zone I added my long position. Find the link below.
Tomorrow if it will sustain above 31050 then I will for the target of 30160. If it will sustain above 31160 then I will add a more long position and my next target will be 31300-31380. If it will...
For Tomorrow Bank Nifty major demand zone @ 30500-30640 and supply zone @ 30970-31050.
I bank nifty will sustain above 30700 then it may test its next supply zone @ 30970-31050, in this scenario I may go long in BNF Fut.
If it will sustain below 30700 then I may sell out of the money call and put options.
Bank Nifty Major Demand Zone @ 29530-29650 and major supply zome @ 30500-30600. Today it closed the middle of this range.
Tomorrow if Bank Nifty will sustain below 30000 then I may sell out of the money calls and If it will sustain above 30120 then I will go long for the target of next supply zone.
Bank Nifty Major Demand Zone @ 29580-29660. If it will sustain below this zone then 1000 point downside range will open but my seance is that it will hold this zone. On the upside Next Supply Zone @ 30000-30120.
On Monday, I want to see in the first 30 mins to 1 hour that I want to see it's trading range then only I will make any trading plan.
Sustain below 30600 it may test 30400-30450 zone also Very strong Support @ 30200-30200.
Just one sentence : In coming days on social media, if you see everyone are bearish in Bank Nifty... stop taking short calls or cautious in short position. Find the levels in the chart.
Bank Nifty Major Demand Zone @ 30600-30660. Once it will sustain below this level it may test 30400-30450 but I dont think so Bank Nifty will sustain below 30600. As i mentioned in my previous week posts Bank Nifty will be strong after this correction period. I am already avoiding short position in the bank Nifty from this week and making new long positions...