breaking 32161 will take banknifty towards 33300.
however the market doesn't move in a linear way. strong support at 31700
so buy on dip is my strategy and sell puts in dips of 31700 for december series.
weekly charts are most imp charts when u r analyzing a setup
1) it cut off most of the noise
2) neither its too large time frame(like monthly) nor its too small (hourly/ daily)
now here, in this case, we can see the trend is up
stock is in sideways from 240 week
also, the stock range is in pt a nd pt b a big white...
ncc is in higher high higher low formation in hourly charts, though it broke trendline during day but immediately price went above trendline support.
now going ahead we can use 55 as strong support or sl for long
we have trendline resistance of 60, 62.5/63 of channel upper boundary, breaking that will take stock towards 65 zone where there is highest OI