Here i got some crucial levels for 17 dec. There is a huge supply at 30800 level. Banknifty tried many time to sustain above 30800 but failed. If banknifty sustains above 30800 levels atleast 30 min then it can run upto 31400. Banknifty forming ascending triangle pattern also. So trade according the levels.
Where will banknifty go???? As we can see on 30min chart banknifty is following Elliot wave theory. It can move down and can give breakdown from channel. Or it can form double top pattern near previous high and then can breakdown channel. Or it can break previous high and can go long. Here Just shit back and see what will happen and trade accordingly
As you can seen in 1H time frame, Bank Nifty is forming a parallel channel pattern. And if we find levels, 29800 level is appearing as a resistance. If bank nifty breaks this level, it can run upto 30200 level. Before it bank nifty is stuck in a range between 29400 and 29700, if it gives breakout below or above this levels, it can test the channel.