BANKNIFTY--Trending or Ranging??

Updated

Observations::
--->>Price is in Range
Strong Resistance @44160-44080 acts as strong support, will observe a trending Bullish Expiry.
If the same again acts as Resistance will observe Trending bearish expiry, if all this wants to happen price has to break 44250-44200 level. otherwise again range bound.
------>> Facing resistance in the zone 44460 Yesterday showing some bearish pressure
,and today price again closed in the same zone.
price is taking the support @44250-44200 range.
If this range is broken, we can expect the bullish gap be filled, pullback is needed.

After finishing the gap, if the support zone @ 44250-44200 is acting as a resistance,
Tomorrow is expiry, if price again rejected by 44160-44080 zone,
price strongly fall until 43400 keep look at this level.

If the same zone acts as support again will observe a new bullish momentum.

we don't have a clear Targets and stop loss points, above All time High, so taking trades without confirmation is risky.

Note::
Clearly we have previous strong resistance @44160-44080 level,
If acts as support will go for buying up to 44250, 44450 only, above that we don't have any obstacles to resist.
But keep in mind key level @44250-44200, if this level rejects, then only fall may happens.
Price is ranging in 300 points only.

Note

Bullish gap is not at finished.. Don't go for buying

Note

Trade closed: target reached

Note

Gap finished

Note

Trade closed: target reached

IIT-Trader

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