Banknifty levels for today 17/07/2023Good Morning Traders.
Banknifty still trading in channel, i was expecting breakout for upside but nothing happened on friday, NIfty seems very bullish, today again it has made another new highs at 19641, i think now banknifty should also accelerate from here, if this happens then breakout is possible and huge spike we can see in today's trading session only. Well let's see what is happening, we will trade according to levels ony, my all levels are very similar to friday post. But still i am posting.
Important levels for banknifty:-
Buy above 44936 if levels get sustained at least for 15 mints.
Targets we can see in upside 45052/45158/45232
Keep Stop loss at 44728
Note:-Banknifty have support in a range of 44425 to 44475, so if Price take support in this range and make any kind of price reversal pattern then that levels could be also to go long from there. keep stop loss at 44270, if this gets executed.
Sale below 44618 if levels get sustained at least for 15 mints.
Target we can see in downside 44450, If support gets breakdown then next support we can see somewhere 44270.
Keep Stop loss at 44728
Note:-Banknifty always gets rejected from upper range of Descending channel, so if today also we see any price rejection and we see any kind of price reversal pattern at top of descending pattern then we can take short entry. keep stop loss at 45125, it this gets executed.
Note:- Always wait for the best entry or levels to execute trades. And 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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