Nifty started exhausting near 11600 zone.
Weekly and monthly chart showing signs of Bearishness.
Last time the index failed to breach 11600. For Risky Players can create a short Positon near 11475-11500
with Sl 11620.
Target can be 112020/11000/10880/10550 on a Positional basis.
The analysis will be null and void if Index close above on 11620 on Weekly basis
The chart is clearly indicating, that Bank Nifty continues to
1. Take support at 21000 - 21500 range ( see my fibo analysis from previous post )
2. It tried to cross the 48EMA channel ( consider it a like a yearly average ) but hit resistance at upper end of channel which also coincides with another weekly low in March.
If going long the trade appears favorable...
NIfty is trading @11378
Trend is still sideways to positive.
Please find the levels on the chart for next week
On downside there is a support @11230
(11085-11125) / (10950-10980) are the demand zone
On upside there is a resistance @11495
(11615-11695) is the supply zone
Banknifty is turning out to be tricky to trade.
Here is a weekly chart with Fibo.
1. Banknifty in range 21000 to 22900 for last nine weeks. Its almost flattened out with the latest week in indecisive doji pattern.
2. Lot of supply seen at 0.618 fibo retracement.
Accordingly , 21000-21500 seems to be good entry point for positional trades to go...
The 4 hour is turning up against 3/09/2020 low (101.19). 1 hour is turning down against 107.46 high. Near-term, while bounces fail below 107.46 high and more importantly below 109.85 high expect pair to extend lower to correct the cycle from 3/09/2020 low in 7 or 11 swings before upside resume.
Please find the supply and demand zones for the next week
On upper side (10335-10410) / (10560-10640) are the supply zones and
On down side (10050-10100) / (9925-9965) / (9700-9785) are the demand zones.
The 4 hour right is down against 12/13/2019 peak (147.93) & shows a bearish sequence. 1 hour is turning down against 135.46 high. Near-term, while bounces fail below 135.46 high and more importantly below 147.93 high expect pair to extend lower.
Target 1- 130.50
Good luck !
Upside there is resistance @21950 and on downside there is major support @17000.
Looking at the RSI of the bank nifty, it can be say that BNF is in sideways zone for next few weeks, showing range bound between (17000-21950)
For 14th may expiry,
Supply zones @(20185-20360) / @(21130-21950)
Demand zones @(18700-18950) / @(17650-18100)
Resistance @ 21950