Overview: Banknifty gapped down significantly on negative global cues. Looking at the sentiments we might see more downfall in upcoming sessions.
The view in the market has turned negative and the sell-on-rise strategy can be used for intraday trading.
So we can expect some really good moves tomorrow depending on if we sustain below the support levels.
Overview: Banknifty opened on a range of support and resistance levels of yesterday and faced a support of 34730 levels and bounced to test our level of 34893, from there market corrected and we must have got a good expiry trade on Puts.
Again we have a range in the market as the movements are not that great either due to illiquidity or volatility.
Looks filled with too much power on daily and 2H time frames to achieve All time high levels.
It has formed very nice candle on weekly time frame too.
If it opens gap down on next trading session, it should take support @3436-34080 which was a breakout level on 2Hr TF.
Overall it looks to trade in long position rather than a short position....
all studies mentioned in the chart
🍂it may come down a bit more.
💢today both nifty and bank nifty was created a gap,so there is a chance to fill the gap at any time.
💢but note that guys INDIAN MARKET ready for new high so our stock also hit new high.
💢wait and watch the play.
do your study guys.
BNF gave yearly trend line failed breakout now its trying to get support near fib 100 percent levels or it can go more down and can take support near fib 78.60% (29279) levels.. monthly shooting star candlestick forming ..
We posted about short setup but we also wanted to post about our long setup on BNF.
If the wedge pattern fails and breakout happen above 200 EMA we can see some upside move for coming days. Price range of A and the distance between the Fibonacci 38.2% level on hourly charts from breakout of pattern is exactly same so we believe that could be the first target and...
BNF is trading a wedge range pattern and we can observe the range of the pattern squeezing at the end indicating contraction. There’s also falling wedge formation price action action pattern which indicates a possible reversal about to happen. Also we have a resistance level on hourly chart that could help the breakdown of falling wedge pattern. Trade at your own...
Banknifty is getting weaker every time it tries to touch 200 ma. Before closing of the day, BNF tried to break MA but couldn’t sustain. Based on price action we can analyze that there’s a breakout of a trendline but it’s fake because we have 200 ma just above the current price. Also we have a good Fibonacci 38.2% level that can act as a reversal. So looking at...
Banknifty has formed double bottom pattern on 15 min chart. If we look closely it is approaching towards its resistance level. Tomorrow we have news on INTEREST WAIVER. So we would suggest to wait until the decision. If the decision favors for market one should go fir long positions ne cause there’s a chance bank nifty might break 200 ma and change its trend.