strong resistance in higher levels. market may test lower levels
Bank nifty- 02Mar 2021 - i ahve provided my view on the market .
bank nifty's is known for its trap and fake outs. market is looking like it is trapping sellers. one could go long if price closes above and sustains the provided resistance levels.
the stock has been facing resistance in higher timeframes and it is most likely to reverse from the highs. still keeping in mind the that the index is very bullish( nifty ) it is very risky to take short positions. trade carefulyl!!
teh stock has a bearish structure in higher timeframes. one can sell if the demand zone is broken to the downside.
market has formed bullish structure in higher timeframe. market may aslo go for consolidation inside the upper band and lower band provided. triangle pattern has also been formed market more likely to break to the upside. FX:USDJPY
there is a 1 hr consolidation breakout and a downward channel formation in 15m.
SBIN can be shorted below the provided support level as the nifty psu index is showing bearish structure.
buy if price closes above the resistance zone(red) and sustains.
BUY IF PRICE CLOSE ABOVE 14225 SELL IF PRICE CLOSES BELOW 14065 USE 15M TIMEFRAME. LET PRICE SUSTAIN AFTER BREAKOUT EITHER SIDE AND THEN ENTER TRADE . DO NOT ENTER ON BO CANDLE.