Hi,
The Bank Nifty opened a big gap up +670 points and closed +1080 points with a volatile of 581 points. Formed Big Bullish candle in the daily chart.
Illustrate the 15-minute chart, which opened 38704 above the R2 level with a big gap up and went downwards to today’s Low of 38597. BN50 has sustained above the S3 38877 level then slowly reached today’s high 39177 then down 215 points then finally settled above R3 39122.
Today’s swing was around 1450 points.
The Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s (06-10-22) trades.
Resistance
R3-39542, R2-39293 & R1-39098
Pivot & CPR:
P- 38961, BC 38887, TC 39035
Support:
S1-38824, S2-38655 & S3-38381
If Bank Nifty is sustained above 39200 the bull run will take place and moves upwards further ready to retrace the level of 39300, 39550 & 40000
If Bank Nifty is sustained below 38850 the bear run will continue and be ready to retrace the level of 38650 & 38380.
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.
The Bank Nifty opened a big gap up +670 points and closed +1080 points with a volatile of 581 points. Formed Big Bullish candle in the daily chart.
Illustrate the 15-minute chart, which opened 38704 above the R2 level with a big gap up and went downwards to today’s Low of 38597. BN50 has sustained above the S3 38877 level then slowly reached today’s high 39177 then down 215 points then finally settled above R3 39122.
Today’s swing was around 1450 points.
The Fib retracement levels are drawn for the Daily chart, the support and resistance levels are as follows for tomorrow’s (06-10-22) trades.
Resistance
R3-39542, R2-39293 & R1-39098
Pivot & CPR:
P- 38961, BC 38887, TC 39035
Support:
S1-38824, S2-38655 & S3-38381
If Bank Nifty is sustained above 39200 the bull run will take place and moves upwards further ready to retrace the level of 39300, 39550 & 40000
If Bank Nifty is sustained below 38850 the bear run will continue and be ready to retrace the level of 38650 & 38380.
So, we must be very careful to watch the above levels and do successful trade.
Disclaimer: Not SEBI registered advisers. It is my analysis of my experience. You may consult with your financial adviser for your action.