Hi,
The Bank Nifty opened a gap down -187 points and closed +602 points with a volatile of 678 points. Formed Big Bearish candle in the daily chart.
Illustrate the 15-minute chart, opened 38445 and went up to today’s high of 38642 touch the S1level, BN was not sustained this above level, it’s got resists this level then started moved down wards to 38158 level at below the pivot point took support moved upward 227 points till at previous closed trend line , again failed then moved down wards to 38120 at CPR BC level again up move 212 points above CPR TC level then not sustained started to falling down to today’s low 37963 near S1, finally settled near S1 38030.Today’s swing was around 1100 points.
The Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s (04-10-22) trades.
Resistance
R3-38890, R2-38570 & R1-38372
Pivot & CPR:
P- 38211, BC 38120, TC 38302
Support:
S1-38051, S2-37824 & S3-37533
If Bank Nifty is sustained above 38210 the bull run will take place and moves upwards further ready to retrace the level of 39370, 38570 & 39000
If Bank Nifty is sustained below 37960 the bear run will continue and be ready to retrace the level of 37820 ,37530. If below 37530 free falls to 36700
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
The Bank Nifty opened a gap down -187 points and closed +602 points with a volatile of 678 points. Formed Big Bearish candle in the daily chart.
Illustrate the 15-minute chart, opened 38445 and went up to today’s high of 38642 touch the S1level, BN was not sustained this above level, it’s got resists this level then started moved down wards to 38158 level at below the pivot point took support moved upward 227 points till at previous closed trend line , again failed then moved down wards to 38120 at CPR BC level again up move 212 points above CPR TC level then not sustained started to falling down to today’s low 37963 near S1, finally settled near S1 38030.Today’s swing was around 1100 points.
The Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s (04-10-22) trades.
Resistance
R3-38890, R2-38570 & R1-38372
Pivot & CPR:
P- 38211, BC 38120, TC 38302
Support:
S1-38051, S2-37824 & S3-37533
If Bank Nifty is sustained above 38210 the bull run will take place and moves upwards further ready to retrace the level of 39370, 38570 & 39000
If Bank Nifty is sustained below 37960 the bear run will continue and be ready to retrace the level of 37820 ,37530. If below 37530 free falls to 36700
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.