BANK
BankNifty for next Week 2-6(Mar-2020)Last Week 1000+++ point fall and closed near 0.38% Fib Level...Breakout of 29200 then can see upside movement for next levels 29600,30000,30400
Breakout of 28900 then can see downfall for 28600, 28200, 27500.
Imp Zones - 29650-30000(Sideways), 29000-28700(Sideways)
Major downfall expected if not able to break upside 29200 on closing basis.
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Bank Nifty was supported by 200 DEMA - formed a doji today.Bank Nifty took support at 200 EMA on daily chats, but remained weak on most other parameters.if tomorrow
It made a text book doji where o=c, a strong reversal signal, provided it is supported by tomorrow's candle.
Global markets as as oversold as ours, a short covering bounce may come anytime.
3 Drive at bottom with Divergence REVERSALBank Nifty has clearly formed the 3 Drive at bottom pattern and showing Divergence. Those who prefer to take risk can put it the index on radar and initiate a long trade.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.