Bullish Banknifty or Bearish Banknifty || Levels for today 08/08Good Morning Traders.
Banknifty showing negativity on chart. First of all we have seen lower trendline break down and retest in yesterday's session, and we have seen also resistance zone of falling trendline. So overall Banknifty was getting rejection in the zone for 44975-45025.
So if banknifty have to move higher then, this resistance zone has to become support zone for banknifty. Overall today's global view looks mixed. Let's see if banknifty going to break successfully 45000 barrier or not. Well if not able to achieve breakout of 45k then you know what is going to happen, then definitely we will see lower levels in it. 44700 is looking good intraday support zone for Banknifty, so if this breaks for below,,disaster can happen in intraday and we can see banknifty towards 44400-44300 levels. According to me, might be we can see bearish day today. Let's see what is going to happen we will just trade according to levels.
Today's Important levels for Banknifty:-
Buy above 45000, if levels got sustained at least for 30 mints.
Targets we can see in upside 45125/45224++
Keep stop loss at 44794
Sale below 44715, if levels got sustained at least for 30 mints.
Targets we can see in downside 44545/44403/44303--
Keep stop loss at 44979
Note:- Banknifty price is below 200 EMA, so might be in case banknifty goes above and touch EMA line and gets rejection from there, then you can sale there too with the stop loss of 45475. Please check on chart. ( Hello Trader, I'm a 200 EMA line, and Banknifty price is below to me, so it is a negative sign, in case banknifty fly and reaches to me and give any kind of bearish pattern formation then guy's you can sale banknifty )
Note:- Guy's always follow strict stop loss to save your capital from unexpected market direction.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
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