BANKNIFTY on 15 MIN CHARTLONG - Mostly all of the index, stocks are trading near the Gap up area that was occurred with Budget day news. We think it’s very very crucial support because it has been tested multiple times on smaller as well as bigger timeframe. Very crucial situation but there’s few points that indicates that we can see reversal from the current price.
1) MACD DIVERGENCE
2) STRONG SUPPORT LEVEL with FIBONACCI and GAP UP( STRONG DEMAND ZONE)
3) GLOBAL INDICES AND SGX NIFTY UP ⬆️
SHORT- As we said earlier BNF ais at very crucial level and at very dicy situation. Move on any side would definitely give good movement. Once the support area is broken we can definitely see BNF goin atleast 800-100 points down. We tried to look for more evidence for short opportunities but we couldn’t find more.
Plan your trade according. Trade safe
