PriteshPalan

PriteshPalan

On Monday, Nifty opened with a gap up but stayed within a narrow range, closing at 24572.65 with a modest gain of 31 points. As mentioned in the previous post, "Keep a close eye on the 61.8% FIBO level at 24625, Nifty might face resistance there," and indeed, it made a high of 24638.80 before dropping over 100 points from the day's high. The weekly trend (50 SMA)...

PriteshPalan

On Friday, BankNifty opened with a gap up and sustained its bullish momentum throughout the day, closing at 50516.90 with a gain of 789 points. The nearest resistance is at 50750; a breakout with volume above this level could potentially lead to a rally towards the 125m Supply zone at 51310, which also aligns with the 61.8% Fibonacci retracement level. The weekly...

PriteshPalan

On Friday, Nifty opened with a gap up and remained bullish throughout the day, closing at 24541.15 with a gain of 397 points. Keep a close watch on the 61.8% Fibonacci retracement level at 24625, as Nifty may face resistance there. A strong breakout above this level with volume could lead to a rally towards the 75m Supply zone starting at 24755. The weekly trend...

PriteshPalan

Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently inside the zone) Far Support: 48858 level (61.8% FIBO Retracement level) Resistance Levels: Near Supply/Resistance Zone (30m): 50200 - 50343 Far Resistance Level: 51750 Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609

PriteshPalan

Support Levels: Near Demand/Support Zone (75m) for Weekly Trade: 23960 - 24077 Major Demand/Support Zone (Daily): 23350 - 23667 Resistance Levels: Near Supply/Resistance Zone (30m): 24268 - 24330 Far Supply/Resistance Zone (75m): 24381 - 24444 Far Supply/Resistance Zone (30m): 24686 - 24745 Far Supply/Resistance Zone (75m): 24754 - 24835

PriteshPalan

On Monday, BankNifty opened with a gap down, breached the 30m Demand zone, and closed at 49831.85, losing 746 points. After yesterday's decline, the weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) has turned negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently inside the zone) Far Support: 48858 level (61.8%...

PriteshPalan

On Tuesday, Nifty opened flat but slipped below the previous day's low, ending the session at 24139 with a loss of 208 points. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (15m): 24079 - 24118 (tested yesterday) Near Demand/Support Zone (75m) for Weekly Trade: 23960 - 24077 Major...

PriteshPalan

On Monday, BankNifty opened with a minor gap down but rebounded over 650 points from the day's low, reaching a high of 50830.70 before closing at 50577.95, up by 93 points. During the session, BankNifty breached the resistance level of 50750 but could not sustain above it for long. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is...

PriteshPalan

On Monday, Nifty opened with a gap down but managed to recover over 250 points from the day's low, reaching a high of 24472.80 before closing slightly lower at 24347, down by 20 points. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (15m): 24219 - 24266 Far Demand/Support Zone...

PriteshPalan

On Friday, as expected, BankNifty opened with a gap-up and maintained its strength throughout the day, closing at 50484.50. BankNifty closed above the Weekly Demand Zone for the first time in five days, indicating the potential for a bull rally up to 51100. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support...

PriteshPalan

On Friday, as expected, Nifty opened with a gap-up and maintained its strength throughout the day, closing at 24367 with a 250-point gain. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (15m): 24079 - 24118 Near Demand/Support Zone (75m): 23960 - 24077 Major Demand/Support Zone...

PriteshPalan

On Thursday, BankNifty entered the 15m Supply zone mentioned in the last post and fell 400 points from the top before closing at 50156.70. For the fourth consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly...

PriteshPalan

On Thursday, Nifty opened gap down, re-entered the 30m Supply zone mentioned in the last post, and fell again to the day's low, almost touching the 75m (Weekly Trade) Demand zone before closing at 24117. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) has turned sideways. Support Levels: Near Demand/Support Zone (75m): 23960 -...

PriteshPalan

On Wednesday, BankNifty opened gap up but did not enter the 15m Supply zone mentioned in the last post, so the near Supply zone remains the same. For the third consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The...

PriteshPalan

On Wednesday, Nifty opened gap up and entered the 30m Supply zone mentioned in the last post but did not break above it. Nifty stayed within a 150-point range and closed at 24297.50. The weekly trend (50 SMA) is positive, and the daily trend (50 SMA) is now sideways. Support Levels: Near Demand/Support Zone (75m): 23960 - 24077 Major Demand/Support Zone (Daily):...

PriteshPalan

On Tuesday, BankNifty opened gap up but failed to sustain, falling below the previous day's low before closing at 49748.30. For the second consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from the Weekly Demand Zone. The weekly trend (50 SMA)...

PriteshPalan

On Tuesday, Nifty opened gap up, entered the 15m Supply zone mentioned in the last post, and then fell 400 points from the top before closing at 23992.50. The weekly trend (50 SMA) is positive, and the daily trend (50 SMA) is now sideways. Support Levels: Major Demand/Support Zone (Daily): 23350 - 23667 Resistance Levels: Near Supply/Resistance Zone (30m): 24266...

PriteshPalan

On Monday, BankNifty dropped to 49719 (day low) and entered the Weekly Demand/Support Zone mentioned in the last post. Weekly zones are considered strong, and if the low is not broken, we might see a bounce from the Weekly Demand Zone. The weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) has now turned negative. Support Levels: Major...