Hi,
The Bank Nifty opened the gap down -201 points and closed -1084 points with a volatile of 1115 points. Illustrate the 15-minute chart, opened near below S2 and moved upward reached S1 level of 40528 (Today’s high), resist here then immediately fell from there to below S3 level 39665 within 30 minutes. Bank Nifty was consolidating from 10 AM to 12.00 noon and tried to take support of 39665 but it got failed and not sustained above level further falling to today’s low 39413 act as support from there little up and closed 39555 below S3. Today was a bear trend market, most of the trades are done S1 to below S3.
If the Fib retracement levels are drawn for the weekly chart, the support and resistance levels are as follows for next week’s trades.
Resistance:
R3-42477, R2-41408 & R1-40747
Pivot & CPR:
40212, BC39879 & TC40545
Support:
S1-39677, S2-38917 & S3-37947
If Bank Nifty is sustained above 40550 the bull run will take place and moves upwards further ready to retrace the level of 40750, 41400 then 42500
If Bank Nifty is sustained below 39410, the bear run will continue and be ready to retrace the level of 38917 & 37947.
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
The Bank Nifty opened the gap down -201 points and closed -1084 points with a volatile of 1115 points. Illustrate the 15-minute chart, opened near below S2 and moved upward reached S1 level of 40528 (Today’s high), resist here then immediately fell from there to below S3 level 39665 within 30 minutes. Bank Nifty was consolidating from 10 AM to 12.00 noon and tried to take support of 39665 but it got failed and not sustained above level further falling to today’s low 39413 act as support from there little up and closed 39555 below S3. Today was a bear trend market, most of the trades are done S1 to below S3.
If the Fib retracement levels are drawn for the weekly chart, the support and resistance levels are as follows for next week’s trades.
Resistance:
R3-42477, R2-41408 & R1-40747
Pivot & CPR:
40212, BC39879 & TC40545
Support:
S1-39677, S2-38917 & S3-37947
If Bank Nifty is sustained above 40550 the bull run will take place and moves upwards further ready to retrace the level of 40750, 41400 then 42500
If Bank Nifty is sustained below 39410, the bear run will continue and be ready to retrace the level of 38917 & 37947.
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
Trade closed: target reached:
Bear market - S2 and S3 target achieved
Resistance:
R3-40945, R2-40418 & R1-40092
Pivot & CPR:
39829, BC39688 & TC39970
Support:
S1-39566, S2-39191 & S3-38713
If Bank Nifty is sustained above 40420 the bull run will take place and moves upwards further ready to retrace the level of 40950, 41500 then 41800
If Bank Nifty is sustained below 39410, the bear run will continue and be ready to retrace the level of 39190 & 38710
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.