Nifty Bank IndexShort
Banknifty 10/05/2021
Hello Everyone,
Hope you all are fit and fine ... Stay Safe and Trade safe...!
As per my analysis, BNKNIFTY will Open GAP DOWN with 100-150 pts.
Resistance Level :
1. We already have an Existing Resistance level from 32950 to 32900 since start of this week and market has closed below this level, so the chances of Gap-Down Opening are to high.
2. 33000 is next level of Resistance.
3. 33200 to 33300 is next level of Resistance, of which 33200 is another strong level.
Support Level :
1. 32700 to 32800 is becoming good/decent support level. In todays trading session you might have seen the reversal from 33800 level.
2. 32500 is next strong Support level.
Trend Line :
There was a sharp fall on Tuesday, where it took support at around 32250 to 32300 level. Since then BnkNifty is taking Support of this trend line.
But today this Support was Broken with high volume, BnkNifty tried to Reverse but could not as it was facing an Existing Resistance Level.
So think of buying only if BnkNifty breaks above Trend Line and Resistance Level.
More of go on Selling side .. if Decent Support Level is broken then a good Downward Rally is expected.
I hope you all like my analysis.
Please do share your thoughts into comment section.
Please like and share with your friends as well.
Hope you all are fit and fine ... Stay Safe and Trade safe...!
As per my analysis, BNKNIFTY will Open GAP DOWN with 100-150 pts.
Resistance Level :
1. We already have an Existing Resistance level from 32950 to 32900 since start of this week and market has closed below this level, so the chances of Gap-Down Opening are to high.
2. 33000 is next level of Resistance.
3. 33200 to 33300 is next level of Resistance, of which 33200 is another strong level.
Support Level :
1. 32700 to 32800 is becoming good/decent support level. In todays trading session you might have seen the reversal from 33800 level.
2. 32500 is next strong Support level.
Trend Line :
There was a sharp fall on Tuesday, where it took support at around 32250 to 32300 level. Since then BnkNifty is taking Support of this trend line.
But today this Support was Broken with high volume, BnkNifty tried to Reverse but could not as it was facing an Existing Resistance Level.
So think of buying only if BnkNifty breaks above Trend Line and Resistance Level.
More of go on Selling side .. if Decent Support Level is broken then a good Downward Rally is expected.
I hope you all like my analysis.
Please do share your thoughts into comment section.
Please like and share with your friends as well.
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