The chart is clearly indicating, that Bank Nifty continues to
1. Take support at 21000 - 21500 range ( see my fibo analysis from previous post )
2. It tried to cross the 48EMA channel ( consider it a like a yearly average ) but hit resistance at upper end of channel which also coincides with another weekly low in March.
If going long the trade appears favorable...
Banknifty is turning out to be tricky to trade.
Here is a weekly chart with Fibo.
Note :
1. Banknifty in range 21000 to 22900 for last nine weeks. Its almost flattened out with the latest week in indecisive doji pattern.
2. Lot of supply seen at 0.618 fibo retracement.
Accordingly , 21000-21500 seems to be good entry point for positional trades to go...
