Hi,
The Bank Nifty opened a big gap down of -518 paints and closed -930 points with a volatile of 737 points. Illustrate the 15-minute chart, opened below S2 and moved downward crossed S3 reached 38539 (Today’s low) from there it took to support and started moving upward reached 38989 then not sustained again Bank Nifty was fell to near today’s low 38531 act as support from there little up and closed 17016 below S3. Today was a bear trend market most of the trades are done below S2 to below S3.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades.
Resistance:
R3-39517, R2-39168 & R1-38953
Pivot & CPR:
38779, BC38698 & TC38861
Support:
S1-38605, S2-38358 & S3-38042
If Bank Nifty is sustained above 38865 the bull run will take place and moves upwards further ready to retrace the level of 38950, 39170 then 39520
If Bank Nifty is sustained below 38480, the bear run will continue and be ready to retrace the level of 38360 & 38050
If Bank Nifty breaks and closes below 38050. This will lead to a further fall up to 37150. The current trend is to sell on rising
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 big gap down of -518 paints and closed -930 points with a volatile of 737 points. Illustrate the 15-minute chart, opened below S2 and moved downward crossed S3 reached 38539 (Today’s low) from there it took to support and started moving upward reached 38989 then not sustained again Bank Nifty was fell to near today’s low 38531 act as support from there little up and closed 17016 below S3. Today was a bear trend market most of the trades are done below S2 to below S3.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades.
Resistance:
R3-39517, R2-39168 & R1-38953
Pivot & CPR:
38779, BC38698 & TC38861
Support:
S1-38605, S2-38358 & S3-38042
If Bank Nifty is sustained above 38865 the bull run will take place and moves upwards further ready to retrace the level of 38950, 39170 then 39520
If Bank Nifty is sustained below 38480, the bear run will continue and be ready to retrace the level of 38360 & 38050
If Bank Nifty breaks and closes below 38050. This will lead to a further fall up to 37150. The current trend is to sell on rising
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.