#Bank NIfty Zone of Resistance will Hit soon zoom

Friends market has given a good strong closing on the weekly basis and also for the monthly expiry and we were able to sustain 34,000 levels in bank nifty and hit high of 35700 levels.

Why sudden change in market trend? This is after the Fed released its minutes of interest rates meeting. It said that it will raise interest rates by 50 Basis Points and not 75 Basis points which the market was expecting. So some relief in interest rates for short term.

This is bank nifty chart on the weekly time frame. If you notice that bank nifty is having a strong zone of resistance on the weekly time frame at 36,000 levels as the chikou span will hit the candles zone cluster and then the price candle will also hit the Flat tenkan and Kijun on the weekly time frame at 36,000 levels.
So friends, remember 35,900 or 36,000 we will hit on Monday and if we are not able to hold it on the daily closing basis then we will again retrace to 35,400 or 35,500 levels and consolidate there for any move above the zone of resistance. And if we break 35,000 on daily closing basis then we will fall back to 33,800 levels or maybe lower.

So as per our Eagle Prey Trade Strategy which has a success rate of above 90 %. If you want to learn Bank Nifty Options Trading Eagle Prey Trade Strategy, then check the link in description below.
My trade plan will be to close all my longs which we initiated in HDFC BANK and Bank Nifty at 36,000 levels and then wait for any commitment of the bulls to break 36,000 on the daily closing basis. If 35,000 breaks I will go short and take Put Option of 35,500 of June Month Expiry or sell 36,500 Call Option for June Expiry.

So reference points to remember for next week will be, 36,000 to break and bank nifty to close above 36,400 levels for a clear bull run to 38,000 levels or else we will go back to 33,800 levels if 35,000 breaks.
Hey Friends, If you have any questions do put them in the comment box, I will try to answer those.