manuagarwal21

Banknifty - at Important levels

NSE:BANKNIFTY1!   BANKNIFTY INDEX FUTURES
Bank Nifty Futures

Monthly
Price action Price Action looks good, decisive bull candles with HH and HL can be seen.
The trend still looks intact on the monthly chart, though a monthly close above the high made in December 2019 would trigger fresh buying in the index.

RSI Rsi went just above 60, now staying above 60, would further confirm the further uptrend in the index.


Weekly
Price action Price Action looks okay, HH and HL have been formed until last week, last week candle was a spinning candle with average volume , this week price went below, previous week’s low, but sharp recovery was also seen, the trend is still intact, though one needs to be cautious as prices are trading near previous resistance levels.

RSI Rsi is at 74 levels and a little flat, not indicating much.
Daily
Price action Index made the top on 14th-Jan-20, high made 32861, currently, the price has again reached the resistance created recently, hence any decisive break would be required for the continuance of the uptrend.

RSI Rsi is at 66.24 levels and mostly flat.

Hourly
Price action Price Action looks sideways, near the resistance area created on 13 Jan and 14 Jan 2020.
For continuation of uptrend, either a decisive break above this level is required or sustenance above these levels is required.

The next near-term target above this level is around 33174.

RSI Rsi took three-time resistance around 60 levels.


Conclusion: Banknifty weekly and daily charts , still suggest the continuation of the uptrend, however monthly and hourly charts refrain from creating fresh positions at current levels.

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