Hi,
The Bank Nifty opened a gap down of -278 paints and closed -600 points with a volatile of 743 points. Illustrate the 15-minute chart, opened above S2 and moved downward to 37826 level below the S2,BN took support from there and went to above S1 today’s high 38369.Then not sustained above this level fell to below S3 today’s low 37626 and finally settled 37760 a little bit above the S3 level.
The last 4 sessions closed happened below everyday low. So, the bear trend market is likely to continue. Today’s swing was around 1500 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades.
Resistance:
R3-38661, R2-38310 & R1-38094
Pivot & CPR:
37918, BC 37839 & TC 37997
Support:
S1-37743, S2-37494 & S3-37176
If Bank Nifty is sustained above 38000 the bull run will take place and moves upwards further ready to retrace the level of 38100, 38300then 38650
If Bank Nifty is sustained below 37600, the bear run will continue and be ready to retrace the level of 37500 & 37200
Now Bank Nifty closed below 38050. This will lead to a further fall up to 37150. The current trend is to sell on rising
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 a gap down of -278 paints and closed -600 points with a volatile of 743 points. Illustrate the 15-minute chart, opened above S2 and moved downward to 37826 level below the S2,BN took support from there and went to above S1 today’s high 38369.Then not sustained above this level fell to below S3 today’s low 37626 and finally settled 37760 a little bit above the S3 level.
The last 4 sessions closed happened below everyday low. So, the bear trend market is likely to continue. Today’s swing was around 1500 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades.
Resistance:
R3-38661, R2-38310 & R1-38094
Pivot & CPR:
37918, BC 37839 & TC 37997
Support:
S1-37743, S2-37494 & S3-37176
If Bank Nifty is sustained above 38000 the bull run will take place and moves upwards further ready to retrace the level of 38100, 38300then 38650
If Bank Nifty is sustained below 37600, the bear run will continue and be ready to retrace the level of 37500 & 37200
Now Bank Nifty closed below 38050. This will lead to a further fall up to 37150. The current trend is to sell on rising
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.