Bank Nifty important Levels and trade plan for 19th September
In daily time frame Bank Nifty is in a pullback of an uptrend, and in coming days both bullish or bearish moves are possible, and based on the timing of the move, will consider entering in both sides.
Today, lets check OI data first, which is bearish as of now, with no major support below 46000 level, and possible resistance in all levels in upper side. But it is not impossible to show changes with time.
With opening anywhere near 46000 level, tomorrow, we may go for bearish trade, after BN crossing 45921 level, 45804, 45684 and 45519 will be the target levels.
For similar opening, will have to wait for BN to cross 46035 level to cross to enter into a bullish trade, with a price action and importantly after spending some time. 46159, 46308, 46425 and 46542 will the important resistance levels.
For any opening above 46035, to enter into bullish trade, will have to wait for a price action to complete, and need to spend some time, but can go for bearish trade after crossing 45921 level even after directly crossing this level.
For huge gap down opening, will wait for forming proper price action to form, before entering to either bullish or bearish trades, as for gap down opening, there may be an initial possibility of profit booking also.
In case of bullish reversal in BN after crossing 45921 level, resistance levels may slightly very as those are based on today’s low.
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*
Today, lets check OI data first, which is bearish as of now, with no major support below 46000 level, and possible resistance in all levels in upper side. But it is not impossible to show changes with time.
With opening anywhere near 46000 level, tomorrow, we may go for bearish trade, after BN crossing 45921 level, 45804, 45684 and 45519 will be the target levels.
For similar opening, will have to wait for BN to cross 46035 level to cross to enter into a bullish trade, with a price action and importantly after spending some time. 46159, 46308, 46425 and 46542 will the important resistance levels.
For any opening above 46035, to enter into bullish trade, will have to wait for a price action to complete, and need to spend some time, but can go for bearish trade after crossing 45921 level even after directly crossing this level.
For huge gap down opening, will wait for forming proper price action to form, before entering to either bullish or bearish trades, as for gap down opening, there may be an initial possibility of profit booking also.
In case of bullish reversal in BN after crossing 45921 level, resistance levels may slightly very as those are based on today’s low.
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*