Hi,
The Bank Nifty opened a gap up of +195 paints and closed -257 points with a volatile of 865 points. Illustrate the 15-minute chart, opened above Pivot and moved reached above R1 today’s high 39051 but not sustained above this level. BN fell from there to S2 38390 level and moved up to BC of 38698 trying to hit above this level 3 times, unable to sustain above 38700, and fell to today’s low 38184 finally settled at 38359 at the S2 level. Today was a bear trend market most of the trades are done between R1 to S2. Today’s swing was around 1600 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades.
Resistance:
R3-39397, R2-38988 & R1-38735
Pivot & CPR:
38531, BC38445 & TC38617
Support:
S1-38327, S2-38036 & S3-37666
If Bank Nifty is sustained above 38620 the bull run will take place and moves upwards further ready to retrace the level of 38736, 39000 then 39400
If Bank Nifty is sustained below 38185, the bear run will continue and be ready to retrace the level of 38036 & 37666
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 gap up of +195 paints and closed -257 points with a volatile of 865 points. Illustrate the 15-minute chart, opened above Pivot and moved reached above R1 today’s high 39051 but not sustained above this level. BN fell from there to S2 38390 level and moved up to BC of 38698 trying to hit above this level 3 times, unable to sustain above 38700, and fell to today’s low 38184 finally settled at 38359 at the S2 level. Today was a bear trend market most of the trades are done between R1 to S2. Today’s swing was around 1600 points.
If the Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s trades.
Resistance:
R3-39397, R2-38988 & R1-38735
Pivot & CPR:
38531, BC38445 & TC38617
Support:
S1-38327, S2-38036 & S3-37666
If Bank Nifty is sustained above 38620 the bull run will take place and moves upwards further ready to retrace the level of 38736, 39000 then 39400
If Bank Nifty is sustained below 38185, the bear run will continue and be ready to retrace the level of 38036 & 37666
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.