BANKNIFTY: 24434 is trading below the long term Trend Line (BLUE) resistance level,and with in the upward green channel support. The falling red channel is incomplete with only a single point at bottom. 24614 horizontal line having strong resistance & the 23820 is support.
Weekly above 24580 BN Resistance will be 24677_24827 & 24978 Weekly below 24280 BN Supports will be 24190_24040 & 23890
Monthly above 24780 BN Resistances will be 24990_25340 & 25680 Monthly below 24090 BN Supports will be 23875 _23530 & 23180
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BN 24100 is a strong support. On break of 24100 we will see 23890. On the other way any trade above 24360 BN will turn bullish. Look art the signals gyrating at the middle.There is always a degree of uncertainty, both way possible, but more weighted towards 24100 and 23890
Great. It touched the bottom of 24200 today. Where it goes due to North Korea Is there any major FII exit and Nifty and Bank Nifty goes for major short term correction?
padiyara
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@venkaticr, Today's low was 24151 and it has already made a low of 24156 on 4th for which this post was made for.
A low of 24200 was expected that day and it has broken that level and gone further low.One the day is passed, the top line doesn't have any meaning now.
Now Look at the weekly levels. 24280 is the support and if that is broken 24190_24040 & 23890 can come. see that 24190 level is also broken, but again recovered slightly.
we will see 23890, why because we are below 24280 now. ie: the close is 24279 :D :D :D
Look at the signals, the MACD struck at zero, ther are posibility we will move sideway and can find a stro suppot 24100, THE GRENN TL SUPPORT