Major Demand Zone @ 21000 and 21500. Major Supply Zone @ 23000 to 23300
Choppy move is expected between 21900 to 22500. This zone will be sideways to positive zone foe me. Once it will sustain above 21800 I may take a short position in 21000 put.
Fresh upside move is expected if it will manage to sustain above 22500 and in this case I may take a long position...
BN is fluctuating in a ideal channel formation .
Channel bottom line is acting as a support on 21000.
Channel upper line is acting as a strong resistance on 23100.
BN has again took support of lower channel line and rising towards upper channel line on 23100.
Now banknifty trading between very important as well as strong support and resistance levels. Both sides breakout or breakdown will define the expiry of this week expiry of banknifty. If we are trading above the 22050 levels then possible we will see 23000 levels till the expiry. We will see more weakness in banknifty below 21350 levels.
HDFC Bank is looking bullish. It has turned into a bullish structure and it is a great stock for intraday. 31st July, the first 30 min candle confirmed selling climax due to the huge tail of the candle, which suggested demand, on back of relatively high volume. The down move which followed SC, was on back of very low volume and the first volume expansion was...
1. On the 1st of August 2020, I mentioned in my BNF blog point no. 1 of the trade plan section is quoting as proof of my manifestation of price movement for your consideration. " A downtrend pullback can be seen to the green dotted and blue dotted zone. If the price sustains between zone for 45 mins then can go to the red dotted line. If...
Today's market is highly cautious due to the fundamental trigger of RBI policy. Also, there has an expiry so getting high range in banknifty 21050 to 21400. Today trade with less quantity and strict stop losses. Important level for banknifty is 22000 if trading above this level before 2:00 PM we will see a further rally of 200-400 points due to short covering.
Today possible banknifty slightly open gap-down below 21450 levels. Banknifty will trade between small range 21050-21450 but in case of bank nifty either break resistance and 21600 and support at 21050 we will see more 200-400 points quick rally in banknifty.
Today we will get a gap up opening in banknifty near21600 level. Banknifty continues its rally towards the 22000 levels. 22000 act as strong resistance and possible we will see a reversal from this level.
COMPARING MY YESTERDAY STATEMENTS WITH REAL MOVE IN BNF TODAY.
1. In trading plan column I mentioned in point no. 2 is quoting for your consideration " if pink dotted line and solid zone is taken out in 30 min time frame then down trend will confirm". You can see market opened gap down and if you see chart of 30 min then things will be more clear first 30 min...
Today we will get slightly gap up opening in bank nifty. But bank nifty will take resistance near 21400 levels and goes downside again. Today's more chances to break the 21000 levels in banknifty and if it's trading below 20900 we will see downfall in banknifty towards the next support at 20550. We only see positivity in banknifty if trading above 21600 levels.
1. On 28th July 2020, I wrote in point no. 1 of the trading plan is quoting as proof of how early tracing of change in trend helps many positional traders to go wrong in their trade. " See I made a pink line at the bottom which indicates if it breaches then any positional long should be covered. In fact, the first 15 min candle if the...
Last day we saw a big fall in banknifty and took support at 21600 as provided levels in yesterday morning. Today expecting banknifty can show reversal from resistance at 21950. We now only see positivity in banknifty above 22000 levels. In case banknifty break the 21500 levels then next strong support in 21050.
Today in the first half we will see banknifty trade in sideways zone. Due to expiry possible short-covering in the second half. Strong resistance for banknifty is 22350 if its break we will see immediate 22500-22650 level in bank nifty. If bank nifty trading below 22000 in the first half then possible we will see more weakness in banknifty towards the 21600 levels.