Let us look into the market movement past month and expectations moment from current levels to either side sustained above or below current levels.
CURRENT LEVELS:
The Nifty50 opened with a gap down of -62.50 points and closed at -308.45 points volatility seems to be 643 points. Formed Bearish with upper and lower shadow candle in the daily chart.
Illustration of the 15-minute chart, which opened at 41237 and went up 245 points to today’s high crossed R1 level 41482, then not sustained above this level and fell 643 points to today’s low 40839 crossed below the S3 levels around 260 points, then it took support from recover 205 points crossed S3 level and settled 41035
Today’s total movements were around 1100 points.
ONE-MONTH LEVELS:
The Fib retracement levels are drawn for the Monthly chart, the support and resistance levels are as follows for the Month Nov-22 trades.
Resistance:
R3-43729, R2-42202 &R1-41003
Pivot:
P- 40162
Support:
S1-39320, S2-38278 & S3-36594
ONE-WEEK LEVELS:
The Fib retracement levels are drawn for the weekly chart, the support and resistance levels are as follows for the Nov-22 first week’s trades.
Resistance:
R3-41812, R2-41516 & R1-41284
Pivot:
P- 41120
Support:
S1-40957, S2-40755 & S3-40429
ONE-DAY LEVELS:
The Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s (31-10-22) trades.
Resistance
R3-41748, R2-41473 & R1-41256
Pivot & CPR:
P- 41104, BC 41048, TC 41161
Support:
S1-40953, S2-40765 & S3-40461
If Bank Nifty is sustained above 41170 the bull run will take place and moves upwards further ready to retrace the level of 41250,41475 &41750
If Bank Nifty is sustained below 41040, the bear run will continue and be ready to retrace the level of 40950,40760 &40460
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.
CURRENT LEVELS:
The Nifty50 opened with a gap down of -62.50 points and closed at -308.45 points volatility seems to be 643 points. Formed Bearish with upper and lower shadow candle in the daily chart.
Illustration of the 15-minute chart, which opened at 41237 and went up 245 points to today’s high crossed R1 level 41482, then not sustained above this level and fell 643 points to today’s low 40839 crossed below the S3 levels around 260 points, then it took support from recover 205 points crossed S3 level and settled 41035
Today’s total movements were around 1100 points.
ONE-MONTH LEVELS:
The Fib retracement levels are drawn for the Monthly chart, the support and resistance levels are as follows for the Month Nov-22 trades.
Resistance:
R3-43729, R2-42202 &R1-41003
Pivot:
P- 40162
Support:
S1-39320, S2-38278 & S3-36594
ONE-WEEK LEVELS:
The Fib retracement levels are drawn for the weekly chart, the support and resistance levels are as follows for the Nov-22 first week’s trades.
Resistance:
R3-41812, R2-41516 & R1-41284
Pivot:
P- 41120
Support:
S1-40957, S2-40755 & S3-40429
ONE-DAY LEVELS:
The Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s (31-10-22) trades.
Resistance
R3-41748, R2-41473 & R1-41256
Pivot & CPR:
P- 41104, BC 41048, TC 41161
Support:
S1-40953, S2-40765 & S3-40461
If Bank Nifty is sustained above 41170 the bull run will take place and moves upwards further ready to retrace the level of 41250,41475 &41750
If Bank Nifty is sustained below 41040, the bear run will continue and be ready to retrace the level of 40950,40760 &40460
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.