Banknifty has been trading in a range for a long time and is now trading around the support levels of 56600.
The RSI indicator on the daily charts is showing some bearish divergence and today the market has taken a halt after 2 days of fall.
If the market starts travelling on the lower side there are chances of testing the lower support level of 56120.
The market has been trading in a range of 56600 to 57600. And the support is tested many a times.
Bullish trades can be initiated for intraday play only once the market starts sustaining above today's high of 56900.
Moving averages are also forming a resistance gate around the resistance level. Watch for the breakout and enter only on the retest of the levels.
Major support levels :- 56600, 56270, 56120
Resistance levels :- 56900, 57285
Wait for the price action and trade according to the price action.
The RSI indicator on the daily charts is showing some bearish divergence and today the market has taken a halt after 2 days of fall.
If the market starts travelling on the lower side there are chances of testing the lower support level of 56120.
The market has been trading in a range of 56600 to 57600. And the support is tested many a times.
Bullish trades can be initiated for intraday play only once the market starts sustaining above today's high of 56900.
Moving averages are also forming a resistance gate around the resistance level. Watch for the breakout and enter only on the retest of the levels.
Major support levels :- 56600, 56270, 56120
Resistance levels :- 56900, 57285
Wait for the price action and trade according to the price action.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.