BANKNIFTY WEEKLY POST MARKET REPORT
Hi,
The Bank Nifty resent swing high 41840 on 15th Sep 22 and low 32290 on 17th June 22. If draw the Fib retracement levels for the above high and low the output of support and resistance levels are as follows.
Resistance - R3-41840, R2-39796 & R1-38192.
Pivot 37065
Support – S1-35938, S2-34544 & S3-32290.
The above levels have been retraced in upward moment since 17th June 22 low 32290 to high 41840 on 15th Sep 22. Now the Bank Nifty in not having enough strength to Move up because of gobble cues.
If Bank Nifty sustained above 41840 the bull remains and move upwards further 42500 and 43500.
If Bank Nifty sustained bellow 39800 it will turn to bear side and ready to retrace the level of 38200 & 37050.
If Bank Nifty sustained bellow 37050, then further selling pressure will be created and may again retrace the level of 35600 ,34500.
So, we have to be in very careful to watches the above levels and do the successful trade.
Disclaimer : Not SEBI registered advisers . It is my own analysis by my past experience. You may consult with your finance adviser for your action.
The Bank Nifty resent swing high 41840 on 15th Sep 22 and low 32290 on 17th June 22. If draw the Fib retracement levels for the above high and low the output of support and resistance levels are as follows.
Resistance - R3-41840, R2-39796 & R1-38192.
Pivot 37065
Support – S1-35938, S2-34544 & S3-32290.
The above levels have been retraced in upward moment since 17th June 22 low 32290 to high 41840 on 15th Sep 22. Now the Bank Nifty in not having enough strength to Move up because of gobble cues.
If Bank Nifty sustained above 41840 the bull remains and move upwards further 42500 and 43500.
If Bank Nifty sustained bellow 39800 it will turn to bear side and ready to retrace the level of 38200 & 37050.
If Bank Nifty sustained bellow 37050, then further selling pressure will be created and may again retrace the level of 35600 ,34500.
So, we have to be in very careful to watches the above levels and do the successful trade.
Disclaimer : Not SEBI registered advisers . It is my own analysis by my past experience. You may consult with your finance adviser for your action.
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