YESTERDAY BANK NIFTY CLOSED AT 35802, WHICH IS BELOW THE 48 EMA CHANNEL IN 15 MIN TF, IN 1HR TF BANK NIFTY IS IN THE CHANNEL SO WE SHOULD PLAN TO SHORT BANK NIFTY BELOW THE PREVIOUS DAY LOW AND 200 MA WHICH IS 35681. BN PRICE CLOSED BELOW 8MA, 20 MA AND 50 IN 15 MIN CHAT WHICH SHOWS BEARISHNESS.
48 EMA :35984-34845
Banknifty has broken the major trendline. However, it has strong support zone near 36500 levels.
Shorting opportunity once it breaks 36500 strongly.
Let it break this level and when it retest, you can short Banknifty near 36500. However, you can also short if you found rejection candle near the downward trend line.
BankNifty in crucial zones
Long Setup: If BankNifty breaks trendline, then look for possible long opportunity.
I will wait for Banknifty to test the trendline or come to blue area once it breaks.
Short Setup: If BankNifty gives break out the blue zone, then you might expect downtrend to continue further.
I will wait for...
Straight to the point
1. levels marked are real important
2. I am all the way for shorting tomorrow but it can go sideways or recover in the second half
3. if it recovers then at 9th we can see good selling.
4. selling below the first is more preffered.
Shorting opportunity in Banknifty future if it opens below 32490 with a Stop Loss @ 32620. In case, if Banknifty opens above 32620 and hold for some time then please avoid the setup.
Tomorrow morning look for any rejection candlestick patterns like Bearish Engulfing, Hammer, Shooting Star or any other.
1st Target: 32380-32390
2nd Target: 32240-32260
Bank nifty today, corrected to 23.8% fibo level - As mentioned in that chart
This shows the strength in the index and the willingness of the bulls to buy all the dips.
Even though it fell today but it did not sustain at those levels.
Bank Nifty index is moving in the channel and the upper band of the channel comes around 32000-32200 ( depending as soon/late it...
Bank Nifty - 31500 is acting as Strong Resistance and its being 5 days , bank nifty is unable to take out Big Red candle it formed .
Components of BNF are facing Resistance and its the PSU Banks which are showing Good move but PSUs cant take BNF above 31500.
ICICI , HDFC Bank , Kotak , Indusind , Axis are all trading below their 9 Day Exponential Moving...
Points which I will cover:
1) Negative divegences - How they are still bullish
2) Fibonacci levels
3) Possible movement in the upcoming week
- Negative Divergences
Higher high on RSI and Lower high on price are clearly visible on the chart however, it is utmost important to notice the breakout in the falling RSI trend. It is favourblet to assumer that the recent...