Nifty Bank IndexUpdated BANKNIFTY- 42700 is an obstacle ???
The 42500 level previously acted as a strong resistance, but the price has now broken through it without a retest.
However, the 42360-42400 level has emerged as a new support level, preventing further downward movement.
Tomorrow, we can expect a retracement to occur from the strong resistance at 42760-42720 level,
and if there is bearish pressure, we could see the price return to the 42500 and 42400 levels.
Observations:
If the retracement occurs at a slower pace, we can anticipate further upward movement towards the 42700 and 42850 levels.
However, if the price finds support at the 42500 and 42380 levels, but is unable to move higher, we may observe a bearish trend in the BANKNIFTY.
However, the 42360-42400 level has emerged as a new support level, preventing further downward movement.
Tomorrow, we can expect a retracement to occur from the strong resistance at 42760-42720 level,
and if there is bearish pressure, we could see the price return to the 42500 and 42400 levels.
Observations:
If the retracement occurs at a slower pace, we can anticipate further upward movement towards the 42700 and 42850 levels.
However, if the price finds support at the 42500 and 42380 levels, but is unable to move higher, we may observe a bearish trend in the BANKNIFTY.
Note
Wait before going long..... price giving some retracement before hitting 43000 level.look at the reaction at 42620-42650 enter here for long 42750,42850,43000.
Note
IF 42740-42780 level acts as resistance again price falls back.
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**If these ideas are Helpful !
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.