We have seen a gap down opening followed by a good rally onward. Many Shorter and PUTS holder were trapped today. Sentiment remain sideways to little bearish. Important level to watch is 37774 and 37926 for Upper Side, Support at 37500, Probably we can see a gap up opening. Profit booking zone will be near 38000 plus level. As tomorrow is expiry stay lite. :)
Banknifty may face resistance at 35000. 35200 is the major level to watch out in the upward direction. Follow the targets with trading rules.
Immediate resistance: 35000
Major Resistance: 35200
Major Support: 34800
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Bank Nifty post market analysis on 22-02-2021
Short opportunity at 9:35 candle's low with 1:2 risk reward ratio
Reason : Market has retested 19th breakout zone and formed a bearish pinbar candle at 9:35 am. We should have taken Short position below 9:35 am candle
Second time Short opportunity at day's low breakout at 11:15 an candle with 1:2 RR
The BNF on the budget day gave such a massive green candle, now big question is - will there be a follow-up or consolidation or reversal
When BNF is in full swing applying any rational thinking becomes meaningless, the script has texture, nature of its own which is quite dynamic . When it picks momentum it just doesn't listen to itself just keep accelerating...
BANKNIFTY looks week below 21640 so we might be entering Short trade if moves below 21640.
In the banknifty 30 minute chart we can clearly observe that price was moving in a channel between green & black line which was eventually breached.
But it took support at the red trendline and again retraces till lower side of channel and falls again and breaks red trend...