Bank Nifty likely to open flat to small gap up.
Still much room for correction in Bank Nifty, 37350 levels - CPR will act as a strong resistance fro Bank Nifty.
If CPR is giving resistance we can possibly look for again some selling and we can expect 36944 & Bearish Break out zone of 36741 levels to be tested.
Do not trade in between 37800 - 37070
Buy Above 37800 for the Targets marked on Chart
Sell below 37070 for the Targets marked on Chart
Make entries only when the price action is suitable respecting to the trendline
Take Entries when Market sustains above / below our levels
Avoid entries , if there is a Huge Gap Up / Gap Down
Take Entries as per Price...
Today will be gap down opening in banknifty. Expected opening near 37500 level. Further downside only possible if banknifty started trading below 37450 level. After opening 37500 will act as an immediate support. More chances banknifty will take reversal from this level.
Bank Nifty has formed an bullish pattern after long consolidation phase . I'm expecting a target of 42300-42500 in near term this level will act as a first retracement zone.
Trade duration : 3-4 months
Today will be flat opening expected in banknifty. After opening if banknifty started trading above 37050 level then expected strong upside move upto 400-500+ points. There have chances of correction from 36950 level. Downside 36500 will act as a strong support for today's session.
This is our analysis on Bank nifty chart - Intraday Chart: price is moving in range bound area 36900 to 36500 .
Now Also 36500 Area support and also Trend Line Touching Zone .
So Now We will be Waiting For a breakout Of upper trend Line for Buying And breakdown Down below 36500 for sell setup.
What Do you Think is next For BANKNIFTY?
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional, we cannot expect every stock to take a retest after the breakout, it may also continue to have...
Bank nifty showed a fantastic rally after breaking the 36100 price level. If it continues to sustain above 36300, then go long. Target 1 is given by AB=CD pattern with 2 as fib extension.
If bank nifty manages above target 1 then trail stop loss until target 3. Targets 2 and 3 are in the PRZ, so book your profits timely. Above this PRZ, there will be another...
Expecting Bank Nifty to open flat .
Narrow CPR in BN and if CPR Support confirms we can go long and our first Target will be 35720 & if that is taken out we can expect 35823.
Any rejection signs around 35823 & 35720 we can look for quick scalp to lower support.
In case of CPR compromised on lower side we can expect 35514 & 35410
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# If you ask me can i buy HDFCBANK CALL(CE) i can't agree with you for some time.
# if you want to play safe than some days only buy put(PE)
# 4 hour MACD already Enter in Downtrend
# If you want to buy HDFCBANK buy put with next week Expire.
# This is my opinion.
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Levels as mentioned on the chart with probable Price Action to follow....
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