Bank Nifty has broken resistance TL which can act as strong support now (2 different dotted paths show the possible scenario for BNF). It failed to close above first resistance zone on Friday (35350-35400) which should be breached on Monday 35250 and 35000 will act as support now P.S. This view gets negated if BNF goes below 34950.
BNF Is making Head and shoulder pattern on Hourly time frame. If neckline is not broken with conviction then it can easily go upto right shoulder to hit SL of people and throw them out, and then fall.
Bank nifty is hovering in a solid base. Time to accumulate quality bank stocks friends. Upside of 39000-40000 can be expected with good momentum by end of 2021.
BNF looks poised for big up move. Only hurdle is volatility because of monthly expiry where 34250-34000 levels can act as good support. So please follow proper R:R Levels are mentioned in the chart. In case of any clarity please visit comment section and I shall be happy to answer
Nifty50 has been performing the way we analyzed. Sustaining below 200 ma show bearish pressure. Gap from Feb 1st BUDGET DAY has been filled and tested once but we can see some range trading tomorrow which can help NIFTY50 to test the support(gap) levels again making it a DOUBLE BOTTOM PATTERN & W PATTERN. Both patterns are trend reversal patterns. Trade safe...
BNF is in a zone that is really hard to day trade. Tomorrow is Wednesday so premium decay would be a factor to consider if you are playing with option buying There can be two possibilities BNF makes a trending move downside towards 50 DMA. DMA are like magnetic lines that attract price towards it when they are near. Usually, it is also seen that patterns...