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OI shows Short Build Up on #banknifty and last one hours was long unwinding on the index.
Tough resistance zone:- 22,372 - 22,550.
180 min trend indicator, showing weakness.
Two harmonic patterns are detected:-
1. AB=CD, which gives a target of 22,294:- High was 22,324, DONE
2. CYPHER, which gives a target of 22,589 and Fibonacci target 22,372/22,550.
Banknifty had formed inverted flag pattern and if it breaks 21900 level will fall 2000 points.
Levels on the chart
Disclaimer: Given views is for study purpose any trade taken is individuals responsibility
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I just notice Nifty Bank is making (W) or Double Top pattern on weekly chart. Last time when Nifty Bank was at the same level It showed reversal. There was a selling pressure in last trading session also.
MACD is showing bullish reversal by making a green bar over histogram line. RSI gives neutral indication.
Good Morning sir's
Bank Nifty Index does not move a lot in June and July month since Nifty 50 was making higher high which was a clear sign of banking sector weakness. For the August series, there is 2 Very Important Level in Bank Nifty Index.
21600 to 21700 is the resistance of this range and 20940 to 20900 is the support area. Breakout or Breakdown will decide...
Good Morning friends,
We had seen a lot of up and down move in the index. The index is trading on the dynamic channel support which has taken from an uptrend channel. The index will test 20900 if 21600 breaks. This is a very important point for trend reversal and confirmation comes lower than 20900. the first Index needs to sustain lower than 21600 then 20900.
So the Long trend is very bullish so we are in a good trend up
the short is sell on the 4 hours rsi
i will enter when the rsi start to go up
my system of trade is easy
the long trend i use EASY stock indicator
The short trend I use Smooth rsi inicator.
So when long trend is postivte. i just go long and exit when rsi start to fall (see the high mark )