nifty50 Parallel channel,
next biggest support at 16000 only.
some small stoppages: 1st stop is 16700 tomorrow.
then 16400, then 16000.
Its a bearish sentiment and BEARS dont take much time.
For intraday trader's first booking zone is 16700.
For Positional trader, keep adding more once we start trading below 16700 then add more below 16400, trail till...
there is so much in chart. if market not break this low then creat a w or double bottom then go price up indicate with box. then fall aggresively. and another sinario is if market break current low then its go lower box indicate with major price then move up side waht for the market shift
Bank nifty today reputed same pattern Triangle and closed at edge of triangle, so tomorrow if its start with spot where i close and 5min bullish we may see up move or if its gap up gap down and cross the pattern it may take direction as CPR is very right for tomorrow we may expect volatility.
Above are my personal observation posting my study if it can help...
BNF is seems on bullish mode ,,,,
RSI is higher on most of time frame,,,,
ADX shows tending above 20 & +DI also in ,,,
Big wedge Pattern breakout ,,,,
Price taken support on 9Mea 4hr time frame,
BNF can give recovery from current level if hold for whole day
As i think market will recover from here
1. it made double bottom from important pivot level.
2. RSI is positive diversions
3. made morning star in smaller time frame 5min
BANK NIFTY making flag pattern
with negative RSI divergence
there are two important supports 36000
& 35680 important support level if this break it will be ,,,,
Rising wedge (reversal pattern) breakdown which means big fall...
tomorrow i will trade with more than 80% of my trading capital with directional trade.
Because of last day bank nifty plot a master candle and after master candle there is a high probability of one side sharp move.
so you can trade with a good quantity out of the range of 35200 and 34900.
Trade Wisely And Smartly .
Clearly the trend is bearish small bounces may occur , but overall market is in panic mode.
Stay wise Buy on dips wont work, use option strategies to hold overnight.
Dont go for naked option buy or sell.
The levels are given ,which can be seen in todays session or tomorrow.