NIFTY seems much stronger than BANKNIFTY as of now !!
hence analysed NIFTY for you guys ✅
As we can see NIFTY is currently trading as very crucial level that is 14880 which has been tested since couple of weeks, making that very RESISTANCE weak and hence break of that very level can give some good move 🚨
But one must keep in mind, it has to close it candle...
BANKNIFTY really weak as of now!!
But we’ll wait for the bearish conformation!!
As of now 32400-32370 is acting as a strong support!!
As last day’s low is still protected
Market being on bearish sentiments since last few days, if these level breaks I don’t think bulls would be anymore interested but we must keep in mind that the space created by BANKNIFTY...
Analysed NIFTY instead of BANKNIFTY as NIFTY seems must stronger than BANKNIFTY and currently trading at crucial levels ✅
inverted head and shoulders like pattern identified more like cup and handle which shows a strong bullish continuation pattern but things that should be kept in mind before going long !
Currently trading around 14880-14900, to continue its...
Did exactly what we’ve discussed yesterday
~ breached 33600 and made a low of 33200 within 30 minutes of market opening 🔥
More than 400++ fall seen right from our levels ✅
And that take to some crucial levels i.e the level 33600 which previously acted as a SUPPORT will act as a strong RESISTANCE and new SUPPORT made is 33200
One must keep in mind that 33200...
Did exactly what we discussed yesterday
~ opened above 33600 and one sided rally made till 33950 then the market remained sideways through the day
NOW WHAT FOR TOMORROW??
Since BANKNIFTY remained sideways through the day it gave us the potential levels for tomorrow,
we can also see INVERTED HEAD AND SHOULDERS PATTERN which is also a BULLISH continuation...
At crucial range which will decide the upcoming trends
The range that must be kept in mind is 33200 - 33600 which is the most crucial levels and stands as NO TRADING ZONE for tomorrow
Will only take trades If any of these levels are broken with proper candle close ✅
At a make or break level of 32800, if broken below we can see new lows else can reverse
This swings made at 33000 spot which is also a psychological level
32800 and 32500 which is the low made will act a strong support so these levels can be kept in mind and traded accordingly ✅
The majestic 33400 is broken below and also reversed back from 33200 so what’s next now..??
According to me,
There’s still some space below which BANKNIFTY can fill till 32800
it has to close below 33200 with proper candle close!
Another 400-600 points fall can be witnessed if 33200 is broken below ✅
Else expecting a INSIDE candle tomorrow 🚨
As we discussed yesterday, we could see VOLATILITY, market went no where but eager to hunt SL but tomorrow it could be interesting due to following reasons ✅
^ Witnessed symmetrical triangle breakout today and close at its major resistance which is around 34200 if the uptrend continues do watch out the following resistances
We can see real interesting closing for the day as it couldn’t break last trading sessions low making 33400 level as important support for tomorrow and a must watch !
Since NIFTY on the other hand showed some strength as closed above than BANKNIFTY still BANKNIFTY being weak we’ll watch out 33400 level cause break of that very level can lead to easy 400-600...
The spotted trendline we drew yesterday, we can it is also very well respected also getting rejected from 34000 which is also a psychological level for us
My inclination in towards BEARISH only if market opens flat and crosses 33600
I repeat it must break 33600 for further downfall
On the other hand I won’t recommend aggressive selling unless 33600 is breached...
Rejecting seen right from trendline drawn yesterday
In larger time frame, we can see it forming HEAD AND SHOULDERS PATTERN whose neckline is around 34500 levels, successful closing below 34500 can even lead to fill the gap till 33000
More inclined towards short
WILL TRADE WHAT WE SEE RATHER THAN WHAT WE THINK
Seems like an END to BULL RUN 🔻
REASONS BEHIND A POSSIBLE RETRACEMENT
• Firstly, a double top pattern which is a strong bearish reversal pattern,A possible fall or good amount of retracement is expected in coming days if broke 14350 psychological support level and which would eventually break the trend line as well as the NECKLINE which NIFTY has been...