bank nifty closed @20268 on 23-04-20 on a good positive note. the price action was good but on hourly charts in the last hour flattening of uptrend was seen and last candle was a sort of a bearish engulfing. this must caution us for 24-04-2020.
this time I have done an experimental analysis. since the past 1 month bank nifty is in the range of 16000-21000. so instead of bank nifty's all time high I have taken 21000 as a top and 16000 as bottom for Fibonacci retracement and the charts seems to be well respecting the Fibonacci levels., so keeping in the mind the short term uptrend if it continues the first R1 is expected at 20430 and R2 at 20750 R3 at 21000 which is a rangebound strong resistance if it breaks bank nifty can soon touch21150 which is 200day closing EMA.
if the trend line is broken we can expect bank nifty to take support at 20,000 which is 0.786% level of Fibonacci retracement.
I am just a newbie in technical analysis, I would really if you comment and tell if you agree and please do correct me if I am wrong.
-Bank Nifty after Market Analysis.
-23-04-2020.
this time I have done an experimental analysis. since the past 1 month bank nifty is in the range of 16000-21000. so instead of bank nifty's all time high I have taken 21000 as a top and 16000 as bottom for Fibonacci retracement and the charts seems to be well respecting the Fibonacci levels., so keeping in the mind the short term uptrend if it continues the first R1 is expected at 20430 and R2 at 20750 R3 at 21000 which is a rangebound strong resistance if it breaks bank nifty can soon touch21150 which is 200day closing EMA.
if the trend line is broken we can expect bank nifty to take support at 20,000 which is 0.786% level of Fibonacci retracement.
I am just a newbie in technical analysis, I would really if you comment and tell if you agree and please do correct me if I am wrong.
-Bank Nifty after Market Analysis.
-23-04-2020.