IIT-Trader

BANKNIFTY--42700-42650 acts as Support??

Long
IIT-Trader Updated   
NSE:BANKNIFTY   Nifty Bank Index
Observations:
After A strong fall price mostly enters into consolidation stage.
Previous strong resistance @42700 broken and showing bullish pressure towards 43000,43600 levels.
(Price broken the 42700-42650 zone to downside and closes inside this zone.)
If the same level acts as support price will again rise from this level,
Strong fall happens from @43200-43100 level also be careful at this level before long will again see some bearishness in this zone.
Try to be on the long side from 42700-42620 levels to reach 43000-43200 levels.

Go long:
Above 42850 to reach 43000,43100 levels.

Short: Don't think of Short now. be on short side from 43200 levels up to 42850,42700 only.
price breaks 42620 and gives retest go short for 42400 levels.

Comment:
It will come back to enter long again
Comment:
we have a previous demand zone look at that level

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