Nifty closed at 18500 sustaining above 18500 can lead to 18700 and ATM too but as per RSI a king setup market looks poised and strength in buying is week now chances of fakeout are more i will keep eye on 18420 level below this a nice slip can be planned by a good trader new traders stay away
Profit booking can be seen on upper levels of the market. Since budget is near keeping small targets and trading only at proper levels will be my suggestion.
All the levels are mentioned on the chart.
Disclaimer: All the levels are for educational purpose.
Where nifty has been seeing making new ATH almost every other day, bank nifty is struggling to keep up with the same pace.
Technicals analysis, just tells us the probability of happening of a situation. And now sighting of a strong bearish pattern hence trade with caution for the coming week!
BANK Nifty Past 10 Years Historical Data Back test
*Bank Nifty have made 5 Red and 5 Green Candles.
* Showing no Correlation with pervious month
* Mostly Every DECEMBER month Have formation of doji candlestick.
* possibly if November close above then new high will be seen in December.
/ else will be in range between 27700 to 29700
Note: This is for educational purpose only.
There is a hammer at support in hourly chart of Bank Nifty. RSI is at 25 which shows oversold. Expecting a bounce back.
Chart structure looking weak , expecting sharp fall below red line
green line will be the next target !
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DISCLAIMER
{ Educational Purpose }
All investments involve risk.
Please Do your analysis before initiating any trade
GOOD LUCK !
Support of the day - 20750
Resistance of the day - 21310
Trading always has to be handled with realistic Analytics and based on our research we are providing levels.
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Nifty as usual forming HH and HL, but onto wave form pattern we can see a downtrend and my analysis says that the downtrend is made on the inverse penant pattern with Elliot waves. Short below 9291 with SL 9367 (76 points) with targets of 9250 9110.
