BankNifty Index view on 31st Aug 2020
Bullish view: If price stays above the brown trendline, then look for buying opporunity only. Enter only if it comes near the trendline and support level (Blue Horizontal Line). Look for price rejection near the key support zone.
Support Zone: 24390-24420
Bearish view: If price breaks the brown trendline alongwith blue...
Hi There! We can observe a channel pattern here which is respected from the beginning of June.
As you can see, BANKNIFTY tried to break the 50% level but was rejected and fell to 75% retracement level.
It could try to retrace again tomorrow (at least to 61.8% - around 200 points) but could fail again as the contracts expire tomorrow and there could be...