Since pre covid level breakout in bn since ,every breakout attempts is followed by consolidation since 2021
Chart structure is still making higher high and consolidation range is narrowing with latest consolidation is least in all three with price at ATH.
BANK NIFTY READY FOR MANIC MOVE POST BUDGET AS MARKETS Always discount good news in advance,hence a rally...
This contraction of all major AVWAP(YTD,2022 AVWAP , weekly range high and lows, daily swing high and low Suggesting an trending move about to happen
Initial signs of downtrend given with price closing below all major AVWAP
WITH AN SL OF 442
TRAILING BASIS
Started trading below 2022& 2023 Avwap marked with yellow
Weekly Range Swing low 380 avwap marked with green
Weekly Range Swing high 530 Avwap marked with orange
Swing high 460 Avwap marked with blue
Swing low 415 avwap marked with blue
It might be start on new trend of downside
Intial signs given today
As per price closed below all major Avwap
Sl is small as it...
Avwap contraction CAPTURED from previous ath breakout at 182 and fresh ATH 375
WITH PRICE HOLDING PREVIOUS RANGE ATH WITH LATEST HAMMER ON WEEKLY.
LONGS CAN BE INTIATED ABOVE 276 WITH AN SL OF 255 PREVIOUS SWING HL.
from 44k sell off to budget day low and 33k sell off price, consolidating & attempting to hold multiple Avwap, one more closing below yesterday low in BN,Potenital breaking down of last 4 weeks range with a price target of 2400 with a sl of tomorrow (March 12th, 2023) red candle high.
ANY CLOSING BELOW MONTLY CPR @ 420 FOR THIS MONTH OR FOLLOW UP MONTHS(CLOSING BELOW CPR ).
Investors are advised to lighten up their long positions..
Early Signs are given on sharp Rejection From weekly cpr.
Book Profits...
ANY CLOSING BELOW MONTLY CPR @ 420 FOR THIS MONTH OR FOLLOW UP MONTHS(CLOSING BELOW CPR).
Investors are advised to lighten up their long positions..
Booking Profits...
Short Term Bullish for a TP of 750 & 780. Sl Last swing low on weekly 620.
Long Term Graph is not Promising for Longs Giving Bearish Bias.
A pull back to 30 ema(Weekly) on cards, before next leg Correction. Parallelly Having 200 ema Daily Resistance near the same levels along with Long Term Monthly Trendline.
Build your Position Accordingly..
Final Note_ Do...
