Today will be a gap up opening in banknifty. If banknifty trading above 29550 can see continue bullish rally towards the 29900-30000 level in today's session. We will see downside only if it trading below 29400.
1. As usual first I will discuss, last week's statement. On 20th Nov 2020, in point no1. of trading plan section, what I wrote is quoting for your consideration. "A white line is made if the price takes out in both time frames in 15 and 1hr then you will see the upside move." . Here you can see in fig after crossing the white...
Today will be expected flat or slightly gap up opening in banknifty near yesterday close. Most chance in the first half it will trade between 29000-29500 level. If any side breakout then we will see 300-400 points quick expiry movement. In today's session important support at 29000 if in case of a breakdown this support then possible further weakness in the market.
Charts showing symmetrical Triangle pattern formation in banknifty after the bullish move. More chances it will breakout the 29400 levels and continue its bullish rally towards the 31400+. After COVID-19 fall nifty recovered its all gain and trading all-time high but still nearly 3000+ points pending rally in banknifty from its high before the pandemic.
Today will gap up opening in banknifty near 30000 levels. If it trading and sustain above 30000 then we will see a strong bullish rally towards the 30500. Small correction up to 29500 possible if banknifty breakdown the 29800 level.
Today possible gap up opening in banknifty. Next resistance for banknifty is 27950-28000 and more chance we will get the small correction from this level. In case if it trading above 28100 then we will see next bullish rally towards the 28500+. Strong downside only possible if it trading below 27500.
Bank Nifty has reached the earlier given target ( Fibonacci level on long term view 0.618 ) and now its time for a reversal trend.
Anything above the current level is purely a STOPLOSS HUNTING.
The next strong bullishness is only above 26958
Rest is explained in the chart with the markings
tagging the previous chart down