BANK NIFTY SUPPLY & DEMAND ZONE
BANKNIFTY Supply & Demand Zones have been highlighted on daily timeframe for understanding trade setups.
Change of character in index has been observed after 41300, when it has not marked any LL.
After continuing its strong upward move; previous supply zones start around 43000, 43500 and ultimately around 44000 (latest high of 14-Dec-2022).
While price moving up, RSI will also play its part by creating divergence in overbought zone. This may lead to trap retail investors & smart money getting max profit out of it.
Since 14-Dec-2022,
BANKNIFTY has not made any HH, rather moved in downward direction even after tried to consolidate & tried to break resistance of 42000 but could not sustain.Trade closed: target reached
RSI was overbought at the resistance, but index price never made a low.It became range bound, and cooled off its heat.
Bank Nifty became superman to fly its limits.
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