Banknifty Sideways Bottom Formation

22 Ara 2021

Outlook for Nifty Bank for the Dec Expiry

Technically on the daily charts we see Major support on the downside for NIFTY BANK index lies at 34000 levels, whereas Major resistance on the upside is capped around 35550-35650 levels.

If NIFTY BANK index breaches Major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33000/32700 and if breaches Major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 36200. Break and close of Falling channel will confirm that new UP trend has Started.
Divergence in RSI also indicating Bottom Should be in place or One more Fall for Double Bottom then recovery Should start.

Currently NIFTY BANK index is trading Below 200 days moving average @ 35721 and suggests long term trend is Bearish.
IN Bull Trend corrections markets spend time below 200MA for week or two and once above 200MA new Bullish Trend Starts.

29 Ara 2021

Not

Positional *Long* Trade can be taken above 35375 *15min* candle close *SL* *35045*

Long trade in jan expiry can be taken as expiry is near.

For Educational purpose only

Regards,
MD

31 Ara 2021

İşlem aktif

Banknifty *Long* Trade @ *35500* Jan @ ( 9.30am on 31-Dec 2021)

4 Oca 2022

İşlem elle kapatılmış

Banknifty Long Trade Booked @ 36967 Trade Closed ( Happy Trading) @ 2.41pm

Positional Traders Can Buy 36700 pe ( 13 jan )As Hedge and can hold Longs For 37500

Regards,
MD

5 Oca 2022

İşlem kapandı: hedefe ulaştı

37500 Achieved Trade closed