BANK NIFTY WEEKLY EXPIRY GANN ANALYSIS FOR 08 MAY 2024...

8 May

Bank Nifty has been correcting the ATH made on 30 Apr 2024 at 48974.75 which was just 25 points shy of 50000 mark on the index. This being a big psychological resistance for the index. We have completed 4 years of growth from 24 March 2020 low of 16116.10. We are in the 50th month and achieving nearly 50000 is just great. We needed some correction time wise to digest this rise as price is moving ahead of time for the index. The level of 48500 is critical for the index with sideways action in between the levels of 48200 and 48800 . The break of 48200 will be not be good for short term. Yesterdays low is 48213.75 so its like saving the blushes for the day. Time correction can bring the index below to 47400 to 46600 levels if it continues its downward journey. 48636 is important high done on 28 dec 2024 which was last yearly high.
Today we have two levels to watch which are 48308 and 48162. In between we may see sideways action. Expiry day so we may see squeeze on price action also. Be quick to trade and have small profits targets and take small stop losses. Trading bias level at 48225.
Happy Trading !!!