Hi,
The Bank gap up opened +400 paints and closed +564 with volatile of 470 points. Illustrate the 15minuts chart, from opening to 10.30 AM reached high of 41573 then up to 12.15 noon consolidation between 41454 then break out the 41573 reached today high 41678 after that one more consolidation between 41454 after 2:45PM break out bellow the 41454 finally settle 41468. Today most of the traded done above R2 41252 to R3 41540
If draw the Fib retracement levels for the day chart the output of support and resistance levels are as follows.
Resistance-R3-41921, R2-41720 & R1-41562
Pivot -41451, BC41442 & TC41459 (Narrow CPR) more chances for one side Market.
Support – S1-41340, S2-41203 & S3-40981
If Bank Nifty sustained above 41465 the bull remains and move upwards further 41560, 41720 & 41920
If Bank Nifty sustained bellow 41435 it will turn to bear side and ready to retrace the level of 41340 ,41200 & 40980
So, we have to be in very careful to watches the above levels and do the successful trade.
Disclaimer: Not SEBI registered advisers. It is my own analysis by my past experience. You may consult with your finance adviser for your action.
The Bank gap up opened +400 paints and closed +564 with volatile of 470 points. Illustrate the 15minuts chart, from opening to 10.30 AM reached high of 41573 then up to 12.15 noon consolidation between 41454 then break out the 41573 reached today high 41678 after that one more consolidation between 41454 after 2:45PM break out bellow the 41454 finally settle 41468. Today most of the traded done above R2 41252 to R3 41540
If draw the Fib retracement levels for the day chart the output of support and resistance levels are as follows.
Resistance-R3-41921, R2-41720 & R1-41562
Pivot -41451, BC41442 & TC41459 (Narrow CPR) more chances for one side Market.
Support – S1-41340, S2-41203 & S3-40981
If Bank Nifty sustained above 41465 the bull remains and move upwards further 41560, 41720 & 41920
If Bank Nifty sustained bellow 41435 it will turn to bear side and ready to retrace the level of 41340 ,41200 & 40980
So, we have to be in very careful to watches the above levels and do the successful trade.
Disclaimer: Not SEBI registered advisers. It is my own analysis by my past experience. You may consult with your finance adviser for your action.