PriteshPalan

PriteshPalan

On Tuesday, Nifty opened 17 points higher, reached a high of 24,882, but faced heavy selling pressure, dropping nearly 430 points to hit a low of 24,445.80. It closed at 24,472.10, losing 309 points from the previous session. The Weekly Trend (50 SMA) has shifted to sideways from positive, while the Daily Trend (50 SMA) remains negative. Notably, Nifty broke and...

PriteshPalan

On Monday, BankNifty opened with a gap up, hit the 15-minute Supply Zone mentioned in the previous post, and made a high of 52,577.50. However, it faced strong resistance, falling over 700 points to a low of 51,855.15 before closing at 51,962.70, down 131 points from the previous close. If BankNifty breaks below the 51,000 level with volume and sustains, we could...

PriteshPalan

On Monday, Nifty opened with a gap up, touching the 75-minute supply zone and making a high of 24,978.30. However, it reacted sharply from this zone, falling nearly 300 points to a low of 24,679.60. It eventually closed at 24,781.10, down 73 points from the previous close and below the FIBO 61.8% retracement level of 24,804.25. The Weekly Trend (50 SMA) remains...

PriteshPalan

On Friday, BankNifty opened with a gap down, hitting a low of 51,000.90, and then staged an impressive comeback, bouncing nearly 1,200 points to a high of 52,199.45. It closed at 52,094.20, gaining 805 points from the previous close. If BankNifty breaks below 51,000 with volume and sustains, further downside could extend to 49,959 or below. The Weekly Trend (50...

PriteshPalan

On Friday, Nifty opened with a gap down, entering the Daily Demand Zone (24,522.95 - 24,638.80) mentioned earlier. It made a low of 24,567.65 and then bounced back over 300 points to reach a high of 24,886.20. Nifty closed at 24,854.05, gaining 104 points from the previous close and managing to stay above the FIBO 61.8% retracement level (24,804.25). The Weekly...

PriteshPalan

On Thursday, BankNifty opened with a gap up, hit a high of 51,930.20, and then dropped over 750 points to a low of 51,150.25. It closed at 51,288.80, losing 512 points from the previous close. Despite entering the 125m Demand Zone (51,005.85 - 51,246.50) mentioned earlier, the Daily trend remains bearish. If BankNifty breaks below the 51,000 level with volume and...

PriteshPalan

On Thursday, Nifty opened gap up, reached a high of 25,029.50, but then tumbled more than 300 points to hit a low of 24,728.90. It closed at 24,749.85, losing 221 points from the previous close. Nifty closed below the critical 61.8% FIBO retracement level (24,804.25). If it fails to break above this level with volume and hold, we may witness further downside in...

PriteshPalan

On Wednesday, BankNifty opened with a gap down, marking an Open=Low at 51,711.20, and reached a high of 52,031.60. It closed at 51,801.05, losing 105 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is negative. Demand and support zones remain unchanged. BankNifty Demand/Support Zones for 17.10.2024: Near...

PriteshPalan

On Wednesday, Nifty opened with a gap down, reaching a high of 25,093.40 and a low of 24,908.45, closing the day at 24,971.30, losing 86 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. Nifty Demand/Support Zones for 17.10.2024: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current...

PriteshPalan

On Tuesday, BankNifty opened with a gap up, reaching a high of 52,022.05 and a low of 51,698.75 in a slightly volatile session. It closed at 51,906, gaining 89 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) continues to be negative. BankNifty Demand/Support Zones for 16.10.2024: Near Demand/Support Zone...

PriteshPalan

On Tuesday, Nifty opened with a gap up, hitting a high of 25,212.05 as it touched the 15-minute supply zone from the previous post. However, it reversed sharply, dropping 200 points to a low of 25,008.15, eventually closing at 25,057.35, down by 70 points. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) stays sideways. Nifty...

PriteshPalan

On Monday, BankNifty opened with a gap up, surged through the 15-minute supply zone, and hit a high of 51,893. It closed strong at 51,816.90, gaining 644 points from the previous close. BankNifty is now showing signs of a retracement move as it exited the Daily Demand Zone and reached a six-day high. The Weekly Trend (50 SMA) remains positive, while the Daily...

PriteshPalan

On Monday, Nifty opened with a gap up, reaching a high of 25,159.75 before closing at 25,127.95, gaining 163 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) continues to be sideways. Nifty Demand/Support Zones for 15.10.2024: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside...

PriteshPalan

On Friday, BankNifty opened flat to negative, attempting to hold above 51,420 but couldn't sustain. After making a day high of 51,560, it dropped to 51,005.85 and finally closed at 51,172.30, down by 390 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) has turned negative. Demand/Support Zones: Near...

PriteshPalan

On Friday, Nifty opened flat to slightly negative, trading within a narrow 100-point range throughout the day. It made a high of 25,028.65 and a low of 24,920.05, eventually closing at 24,964.25, down by 34 points from the previous close. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. The support and resistance zones are...

PriteshPalan

On Thursday, BankNifty opened with a gap up and surged to a high of 51,659.45, closing at 51,530.90, gaining 524 points over the previous close. BankNifty has exited the Daily Demand Zone and closed above 51,420. If it can sustain this level, we may see the rally continue towards 52,254 or even 52,817. The Weekly Trend (50 SMA) is sideways, while the Daily Trend...

PriteshPalan

On Thursday, Nifty opened with a gap up, reaching a high of 25,134.05 before pulling back to a low of 24,979.40 in the final 30 minutes of trading. It closed slightly higher at 24,998.45, gaining 16 points from the previous session. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is sideways. Support and resistance zones remain unchanged...

PriteshPalan

On Wednesday, BankNifty opened gap up, briefly crossed the Daily Demand Zone (above 51,420.15) and touched a high of 51,707.15. However, the gains couldn't hold, and it dropped sharply to 50,903.75, closing at 51,007, losing 14 points from the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative. The...