NIKI BANKNIFTY is one of the best indicators for bank nifty future. It will work on 5 min chart with a candle pattern. It has an accuracy of 88% and a profit factor of 5.2. It has a fully automated trading setup with Indian brokers. It can be accessible from invite-only scripts.
Banknifty looks good to go long in intraday if the high of yesterday is taken out i.e 33390 which can open up the next resistance level in Bank Nifty of 34000
Though the price has made a lower low in BANKNIFTY Future, but the RSI has made higher low; which shows a Bullish Divergence on the Daily Time Frame. And according to my experience, it is rarely seen that Bullish Divergence fails in a bear market.
Banknifty took resistance at 33358 today as per previous day's idea and ended day with consolidation around 33131. Now it is moving in parallel channel also making higher high and higher low on 15mins which is good sign for bulls.
Lets see how it follows these lines?
Reference to previous Idea.
Level 1: 33,200...if that is crossed then a move to 34,200 is possible
Level 2: 34,200 is the biggest resistance and trend changes to bullish only above that
Level 3: 32,400...any breakdown below that which is sustained will bring a sharp fall
