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Vasu_devan

BANK NIFTY 07.02.2023

Nifty Bank Index (NSE:BANKNIFTY)  
Vasu_devan  
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Chart Patterns Technical Indicators BANKNIFTY bankniftytrend bankniftytradesetup bankniftyanalysis bankniftyview bankniftytrading bankniftylevels bankniftyoptions bankniftyintradaylevels
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trendanalysis chartpattern indicator banknifty bankniftytrend bankniftytradesetup bankniftyanalysis bankniftyview bankniftytrading bankniftylevels bankniftyoptions bankniftyintradaylevels
BANKNIFTY Refer yesterday mentioned levels. Given that, from 41690 onwards could face stiff resistance and today made a high of 41725 and reversed. Also given that 41200 and blow could lend support and got support at 41260.

If todays high is taken out on tomorrow, good chance to reach up to 42000 - 42300 which is also budget day high. Reason Low volume zone all the way. 41100 to 41200 area can offer some support. Refer the chart.
snapshot
Meanwhile at 15 minute timeframe one beautiful VCP pattern is getting printed the break out of which will push the price up to above mentioned levels. refer the chart below.
snapshot

Please keep in mind following charts BANKNIFTY Daily time frame. If you remove the negative noise from the market for the moment there is nothing wrong with BNF charts. Daily time frame shows a consolidation. Refer chart below.
snapshot

BANKNIFTY weekly time frame looks like a shakeout. Refer chart below.
snapshot
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