Will B.N beat daily resistance or fall more? Bank Nifty AnalysisRecap :
Mentioned already on yesterday analysis that Bears have started dominating bulls you can read that in link below.
Morining Just started with bearish candle at 9.15 closed below previous day low following with long legged doji candle and once that doji low broken at 9.45 Am it got confirmed that bears are ready to dominate Later on bounced from daily support to days open again a good oppurtunity for buyers to cover loss or capture profit!
Post Analysis for Next Day :
Now Boundaries are clearly defined for Bank nifty to trade with todays 'v' shaped recovery. Next session may be wide range day. Range boundaries from 47300 to 46300. Bulls above 47300 or bears below 46300. We can wait till breaks from any one side or we can enjoy the range rides!
Currently bank nifty inching closer to daily resistance and falling trendline which again can be breakout or fall. Already bulls failed twice to break but more it tries to break makes resistance weak. Also avoid fakeout and enter only on confirmation or retest.
Watch the opening clearly any weak candle pattern in trend will lead bears to dominate again till support. looks like may open with gap
Resistance : 47100,47300
Support : 46600,46300,
Note : do your own analysis before making any trade decesions.
