Analysis getting cumbersome so posting a new chart and keeping an update in the previous chart.
Strategy for tomorrow: Bank Nifty is in a tricky situation. At present price there is not much of a risk-reward ratio. So better wait it out for a particular trade option.
However the situation that could unfold may be:
Can short @ cmp 29459 with SL @ 29520 for a target of 29380.
For long SL could be placed at 29420 for a target of 29600.
The real trade will be decided upon what happens next.
If Banknifty breaks 29420, then it will see 29360;29200;29060 levels;
If Banknifty breaks 29600, then it will offer a target of 29700-720 level, which will act as crucial resistance.
Strategy for tomorrow: Bank Nifty is in a tricky situation. At present price there is not much of a risk-reward ratio. So better wait it out for a particular trade option.
However the situation that could unfold may be:
Can short @ cmp 29459 with SL @ 29520 for a target of 29380.
For long SL could be placed at 29420 for a target of 29600.
The real trade will be decided upon what happens next.
If Banknifty breaks 29420, then it will see 29360;29200;29060 levels;
If Banknifty breaks 29600, then it will offer a target of 29700-720 level, which will act as crucial resistance.
