IIT-Trader

BANKNIFTY -- Reversal @ 43000 or 43600.

Long
NSE:BANKNIFTY   Nifty Bank Index
At 43000, we have encountered one of the most formidable resistance levels, as evidenced by a prior strong sell-off.
Despite Bank Nifty's upward trend, the question remains whether the price will surpass this resistance or experience a reversal.
So far, no bearish momentum has been detected in Bank Nifty, indicating that buyers are likely to propel the price to an untested supply zone at 43600.
However, it is significant to note that a pullback or retracement is expected at the 43000 level, which we will monitor closely.

Note :
fake breakouts may happens at this level, be careful at this level.

Buy plan:
if price breaks 43100 and pullback to 43000 levels then go for buying up to 43210,43300,43470.
Sell Plan:
if 43000 breaks and observe a fake breakout and falls below to this level and again 43000 level acts as resistance go for selling targets are 42800,42700,42620.
we have Strong support at 42400-42350 levels.

Consolidation Levels : 43100-42800

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