If you find this technical analysis useful, please like & share our ideas with the community. Coming to the technical analysis of BankNifty, from long-term perspective, it is going to be very bullish. When it comes to current situation, we’ve seen a strong impulse to the downside after it got rejected from the 36000 level, which was a strong supply area. And I think price is likely to go further down and test 31300 level before it start making new highs.The 31000 level has been acting as a strong demand area as well as a support level, where price got rejected to the upside with strong impulse even after many testing. That means that level is still strong and likely to hold the price when it comes back for another testing. Anyways, it is not a good idea to buy until the price crosses the 36000 barrier.
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
What do you think is more likely to happen? Please share your thoughts in comment section. And also give a thumbs up if you find this idea helpful. Any feedback & suggestions would help in further improving the analysis.
Good Luck!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.