PowerTrades

Banknifty watch out zones

NSE:BANKNIFTY   NIFTY BANK
banknifty support band remains now at 26840-26890 zones, trading above that a pullback opportunity remains open.
the challenges to this are:
1. Too sharp a trendline that will become difficult to defend for momentum play
2. Trading below the previous highs of 27060. it remains in no man land.
Comment: Banknifty did correct quite a bit from the top, here are a few updates and potential scenarios that may play out
Scenario -1: Look for a respect of this zone of 26690-26730 and trade a pullback to test 26820 range.
Scenario-2 market plays weak look to test 26640 26600 on the downside. Strong swing support lies at 26490-26500 zones.
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