Get started
TradZoo

#Banknifty Trading Near Important Support Zone

Nifty Bank Index (NSE:BANKNIFTY)  
TradZoo Updated   
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Chart Patterns Beyond Technical Analysis BANKNIFTY bankniftytradesetup indextrading technicalanalysisexplained tradzoo marketstructure
20
2
trendanalysis chartpattern beyondta banknifty bankniftytradesetup indextrading technicalanalysisexplained tradzoo marketstructure
On Daily Timeframe, BANKNIFTY trading at important support zone. Time to wait for either breakdown or reversal for the Banknifty.

Case 1: Consolidation Move
- Banknifty can consolidate near this support level before the strong movement
- Consolidation zone is nearly 500 points from 44000 to 44500 level

Case 2: Breakdown Move
- Confirmation for breakdown will be if Banknifty starts trading and sustain below 43500 level
- Downside rally nearly 2500+ points expected in case of breakdown
- Intermediate support expected near 42500 level
- Short Trader can place there stop loss if banknifty starts trading above 44550 level

Case 3: Long Side Move
- Long side movement expected in case banknifty starts trading and sustain above 44550 level
- Above this level banknifty can go upto the 46400-46500+ level.
- Intermediate resistance expected near 45500 level
- Long trader can place there stop loss if banknifty starts trading below 43500 level.

To be continue. We will keep posting next update in comment section....

Comment:
Breakdown of support level. Sharp Downside Expected in market
Comment:
43050 Made Low
Comment:
Below 42500 @1st target reached
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.