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Bigbear

BANKNIFTY DAILY REVIEW - 31 August 2020In yesterday's post, i talked about crab patterns and likely price behavior around them. Snapshot of yesterday's post - There is also a crab pattern formed on the daily chart suggesting a resistance around 24560-24660. Price action near crab resistance is usually wild, by wild, I mean you can see spikes, large movements in the prices in any direction, so if the market opens flat or gaps up tomorrow, it might also test 25150 on the upside and the support levels 23590 and 22980. As Expected, we have seen large movement in the index in today's session. Banknifty formed Big Bear Candle in today's session, and I have always talked about the importance of these Big Candles, whenever such candle forms, they act as a good resistance, which markets are usually not able to cross easily. Big Bear Candle resistance comes at 24300 and 25232 levels, so keep those levels in mind, in case we saw some pullback tomorrow or in this week. The short-term trend biased also changed from an uptrend to sideways or downtrend. Support levels remain the same i.e 23590 and 22980.
NSE:BANKNIFTY
by manuagarwal21