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Nifty Bank Index

BANKNIFTY--Consolidation + Down = Up ??

By IIT-Trader
Updated
Observations::
---->> A strong bullish momentum is observed from this zone...43400 level...
---->> To reach this zone 43400 level from resistance price is approching with strong consolidation.

---->>if this zone again acts as support,will be on buy side until the Base low 43900, Base High 44200 only.
---->> Drop-Base-Drop formation is observed.
---->>If the base resist the price, to go upside...will again observe a fall below 43400 levels...
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if price breaks below this zone...not able to go upside...will be on sell side.
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Trade closed: target reached
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If price breaks this level @43680 and not able to go upside look for sell.
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today mostly price is in consolidation between the zones 43960-43700 range again. will wait until these breaks
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If price wants to continue upside, it has to reversal from this 50-60 % zone, and is not able to go above yesterday high, will plan for sell action.
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the previous zone @43960 will resist this will break.
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Trade closed: target reached
1 zone target done...
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Trade closed: target reached
2nd zone also be done...will see if price breaks 43700 or pullback to 43880 level.
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If trendline failed to act as support price fills the Bullish gap
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If it is a rally base rally, price breaks the 43400 level.
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Trade closed: stop reached
long stopped.
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going for plan B, price broken the zone and give retracement will sell target of gap area and below.
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price came ...but wait there is a possibility that push again.
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BANKNIFTYbankniftyanalysisbankniftylevelsbankniftylongbankniftypredictionbankniftytradesetupbankniftytradingbankniftytrendbankniftyviewSupply and DemandSupport and ResistanceTrend Analysis
IIT-Trader
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