#banknifty analysis for 25th Mar:- #expiry
Decision Zone:- 33,390 -33,490
Resistance Zone:- 33,700 / 34,275
Support:- 33,000 / 32,751 - 32,877 / 32,488 / 32,050.
Daily closing below gap of 33,305 - 33,583 is not at all a good sign, the next support is 32,877 (breakout restest) & 32,751 (61.8% of the fall)zone if this fails to hold we move back to 31,404 (last line of medium-term trend).
I see two reversal areas 32,750 or 31,500, if we don't get a reversal we will move into a medium-term bearish trend.
The move from 29,687.8 to 37,708.75 is 8021 point rally,we have retraced 50% (33,698), current low is 33,203.
38.2% retracement was 34,645 which was breached and we touched 50% retracement, now if today's low is broken, we move toward 61.8% retracement which is placed at 32,751 (last hope for bulls), if this support is breached we head towards 100% retracement towards 29,687.
Important pivot level is 33,800 & 50% fall is 33,698:- Ideally no longer till we cross 34,650 levels and we get a daily closing above this level.
Be-long if, 33,700 holds else to be on the short side.
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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.
Ref:- in.tradingview.com/chart/xTsTNPtT/
Regards,
SG
Decision Zone:- 33,390 -33,490
Resistance Zone:- 33,700 / 34,275
Support:- 33,000 / 32,751 - 32,877 / 32,488 / 32,050.
Daily closing below gap of 33,305 - 33,583 is not at all a good sign, the next support is 32,877 (breakout restest) & 32,751 (61.8% of the fall)zone if this fails to hold we move back to 31,404 (last line of medium-term trend).
I see two reversal areas 32,750 or 31,500, if we don't get a reversal we will move into a medium-term bearish trend.
The move from 29,687.8 to 37,708.75 is 8021 point rally,we have retraced 50% (33,698), current low is 33,203.
38.2% retracement was 34,645 which was breached and we touched 50% retracement, now if today's low is broken, we move toward 61.8% retracement which is placed at 32,751 (last hope for bulls), if this support is breached we head towards 100% retracement towards 29,687.
Important pivot level is 33,800 & 50% fall is 33,698:- Ideally no longer till we cross 34,650 levels and we get a daily closing above this level.
Be-long if, 33,700 holds else to be on the short side.
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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.
Ref:- in.tradingview.com/chart/xTsTNPtT/
Regards,
SG
