Banknifty Update (31th August 2021)

Banknifty Update (31th August 2021)
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The Bank NIFTY Index witnessed a bullish rally, going ahead, expect a pullback and range formation in the Index today but the range is going to be much wider.
Banknifty has formed a XABCD pattern in the previous trading session and has successfully achieved its targets and has given a dot reversal from its Harmonic PRZ.
Keep in mind that 36,450-36,500 is a major supply zone for the BANKNIFTY Index. Major resistance of 36,300 was broken yesterday and a breakout was seen in yesterday’s trading session and a pullback is yet to come.

We are going to mark 45 min range today and trade accordingly by marking it’s resistance and support and be selling the range, In case our stop loss gets hit on either side then we’ll be switching our positions as then Index we’ll be seen to go trending.

Trade Accordingly!