I am trying something new here.
Have calculated Money Zone for bank nifty based on Time and Price relationship across the previous day.
The Green Zone will act as a magnet, as this is the fair price selected by buyers and sellers. It will act as Support/Resistance
Value area narrowed on 6th January as compared to the previous day. This suggests that we will be having a trend day on 7th January.
As we can see Value Area has shifted up which is a sign of a bullish trend.
Dotted lines show major support zones, so look for Buying opportunities near dotted lines.
If nifty opens postive above the resistance, it will continue its uptrend.
If nifty opens flat or negative, it may test the resistance again. if resistance is not broken it may come to test 13515 level and again bounce back to test the resistance.
If falls further, it may rebound from 13470 level
PVR has given breakout through its major resistance zone in first attempt.
I will wait and watch this stock on 10th December because delivery percentage was just around 9% today with such huge volume. Little concerning for me.
Bank nifty has formed triple top on 30m chart which is a bearish sign.
If Bank nifty opens gap up on 9th December, it is highly likely that the resistance will break and the uptrend will contnie.
If it opens gap down or flat, 30200 will act as a support, if bank nifty manages to bounce back from 30200 it may break resistance level on 4th attempt.
If 30200 is...