Symbol - BANKNIFTY
BANKNIFTY gave a breakout of ATH & touched 49000 level & then exhibited some profit booking due to global news flow. It is currently trading at 47335 which is a good support area.
I think BN will take support at these levels & will show a reversal from here.
Hence I am creating long positions in BN futures at CMP 47335.
I will add more...
If you observe the chart above, it clearly indicates that it's forming higher highs and higher lows. A few days ago, on January 17th, 2024, there was a significant gap down below the resistance level of 47520. Many times it attempted to break this resistance level, but today it finally broke through with a strong bullish candle. Therefore, we can confidently say...
BANKNIFTY looks to resume the rally to the highs of 48,500 once again after creating a textbook double bottom pattern which broke out from the neckline and consolidated at those levels.
Expect higher prices in the coming days .
Cheers
BankNifty Today Analysis
From yesterday’s analysis, I was long into BankNifty and was quite surprised to see the breach of support level 44542 by 09.45. The candle that crossed this SR line took out 154pts, luckily no damage was done and we found a safety net at 44280 levels.
5mts chart link - click here
I have not fully subscribed to the idea that the opening...
The Banknifty recently completed a consolidation phase, forming what appears to be a bullish pennant pattern on the price chart. However, it's important to note that the presence of this pattern alone doesn't guarantee an upward price movement. It is crucial to consider that the market may experience a price correction around the 44730-44750 range, which is a...
As 2 days goes by but primium does't risk
as market trapped many sellers as to gave a brackout 2 days earlyer
from past 2 days consolidation we can see people are looseing nmoney consistenly
But as they will close there trade if market opens high tommorow
so as only buyer wiil stay or buy at that zone Market will come down to hunt there sl
but in another...
Monday's market is unpredictible.
cauz, market did take up selller lequidity & buy got stoped out ( profit bookig and traling SL)
there are only sellers left in the market but not freash selling position
so, market does't have any money to go ethir way
so, market will trap every retailer both who will look for selling and buying
best possible situation now is...
As market did't showed any bearish pressure and a slow down movement & market did't trapped any buyers today after opening
So, as there are less sellers the market will grab sellers lquidity to go up
So, theres no lquidity for the market to go down
So 44000 area will act as a major support for buyers and also a trap zone for the buyers wait for price to close...
as conslidation areas are uncertain 60% nutral 40% upside
todays market nutral as expected to gain theta of buyers
there are a few sellers in the market at the flip zone
if market starts up avoid it as it will creat lequidity for sellers to enter and trap them in the process.in a range bound market
if starts below then a sweep of major buyer zone will create...
There are multipul seller zoner and seller sl area above there are none buyers sl area below. so,buying probebility becomes high and also 50 billion from J.P. Moegen.
There are multiple short cover moves upside so be cautious of selling because there are no sellers right now.
and market will trap sellers so it can gain lequidity to go up ad hit SHOORT COVER area
Banknifty 1day timeframe reacting
#Double Bottom
Strong support is over here 43720 to 43423
Good neckline supply zone 44727 to 44603
For short position should be below support are 43423
for long position should be above neckline area 44727
Please do analysis your own risk thank you
Hi All,
Banknifty is forming falling channel already broke and retested yesterday. 45092 will act as immediate resistance on upper side. If that breaks channel target 44550.
Please consider this is for educational purposes only and consult with your financial advisor before taking any trade.
Hidden bullish divergence is visible on 15 min TF. Bank Nifty is done with correction. Expecting Bank Nifty to lead index in upcoming days till it holds Friday low. One Can enter long when it crosses 45200 level.
