#banknifty view for next week 29th Oct'21 - 4th Nov'21:-
In an uptrend, the pullbacks are very common and as long as 50 DMA (37,590) is not violated, the trend remains up, and generally price retracing to 20 DMA ( 38,986) is considered as pull back.
we have an identical set for the 1st week of Oct and will this scenario will be replicated?
I still see no reason to be panic in the market, because I can't see it in price.
The view might change below 38,377 gets breached.
DP :- 39,353 (above +ve and below -ve)
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.