Technical Analysis of Bank Nifty for 09/10/23
Support Levels: 44200/44000 Resistance Levels: 44500 (big resistance), 44700
Open Interest Analysis:
Resistance Levels: 44400/44500
Support Levels: 44300/44200
Overall Analysis:
The technical analysis and open interest analysis are both in agreement that the key support and resistance levels for Bank Nifty on 09/10/23...
BUY - HDFC BANK
CMP - Rs. 1643
Target - 1: Rs. 1913
Target - 2: Rs. 2192
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Technicals - Ascending Triangle
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This is just a view by an expert analyst, please invest at your own risk.
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BANKNIFTYFUTURE 30 min chart:
pause near 200sma cum poc level..
patience is needed here.
Today high oi at 43800pe and 43900 pe creating support
whereas high oi at 44000ce is still the hurdle.
banknifty trade setup for today. If banknifty break the the then can make one small short position with sl of 40-45points and target of 70-100 points .
The Nifty Bank index, often known as Bank Nifty, is made up of the most liquid and well-capitalized Indian banking firms. It serves as a benchmark for investors, capturing the capital market performance of Indian bank stocks. The banking sector is represented by 12 companies in the index.
THIS IS THE TRADING LEVELS FOR BANK NIFTY, TAKE TRADE AS PER THE LEVELS PLOTTED ABOVE.
AS THE UPPER TREND LINE IS BROKEN WHICH ACT AS A RESISTANCE FOR A VERY LONG TIME, ITS TIME TO GO LONG IN BANK NIFTY.
Levels on chart:- !st sing of strength is market, last 2 day we are trying to gather strength.
Don't be short above 22220.
Short, once the channel breaks.
I have plotted here 2-scenario where BANKNIFTY can move beside.
What are the points to confir m the direct?
The following points should be considered while taking action.
find the where are low risk (stop loss) and higher target
down-side more preferable to keep our trades presently.
control price will give you hit and more accuracy to trade...
