Bank Nifty is in good Support zone
Today market was side base except last move. From 27 December 2023 -1 January 2024 it create a support Zone. Today we can see a fake breakout at14:15.
Reason behind the reason:
Volume was very not supporting the price.
Also MACD was indicate downtrend for the day.
If we see Option data at the time of price increase but...
This is my view and it may change .Bank NIfty and Nifty both Future may be in a range and sideway (to Bearish). I will observe the weekly opening and 1st half of the next session. Then I will plan my trade. Next week option data is important.
As Per Daily Trend it looks like Bank nifty's Next Probability to Test 50000 to 51000 Level till March 2024. No Weakness in the market small Dips will be a good opportunity to go Long as Long as HDFC Bank & all other banks have Momentum no big correction. Let's see
For this week Nifty and Bank nifty may go sideways as the year end and most of the FII inactive due to Holiday. So My target is to play in range. Sell on rise and Buy on dip
Drawn are two red parallel lines showing Resistance and Support for the index. From today there will be a reshuffle in the prices of various stocks and it may carry on till 31st December 2023.
Go slow and save your money for all the good times to come. Do not be in haste. Buy only when higher red line is broken and sell when lower line is broken.
Watch the...
On Friday banknifty formed a bearish pattern
Any further downside near 47200-47000 future levels is good buying zone
Expect good reversal from this level
47400 CALL CMP 365 buying zone 225/160 levels SL 80
TGT OPEN
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Banknifty futures is held between immediate supply and demand zones. Crucial to watch price reaction at these zones. Possible bias indicated on the chart.
Generally in the End week of December , Market becomes sideway with High fake out and liquidity runs/stop hunts.So please be attentive.If setup is formed , then buy or sell according to it, otherwise wait and watch policy.
FUTURE LEVELS
NIFTY & BANKNIFTY given breakout after 4 days of consolidation
Friday & Monday expect this targets to hit
Nifty Upside Target :21477/21635
Banknifty Upside Target :48500/48874
I'm bullish for next 2-3 days
Bearish Targets are
Nifty : 21048/20900
Banknifty : 47450/47100
I prefer to wait for price action at red lines for shorting and similarly at green lines for long. I will wait for a strong price action to show me some at my levels and then only take a trade. We can see that has price has been following downtrend since Monday. I would like to follow that order till buyers feel that the price is cheap now.
Identified a channel and consolidation mark.
Marked levels for upward and downward movements.
Anticipating the upcoming developments in Bank Nifty.
Stay tuned for the unfolding narrative. 📊🔄 #BankNifty
47156 is a strong support , if price takes support over there go long for the target of 47323, if price crosses over
47405 (Super Strong resistance may push price to the level of 47200) long for the target of 47546, above 47546 it may
reach to the level of 47673.
