Banknifty Tradesetup for 16-08-2023
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Banknifty important levels to watch are as follows
#Support: 44000
Sell below: 44000 only on 15 minute candle closure below the level.
Target 1: 43790
Target 2: 43540
#Resistance: 44200
Buy Above: 44200 only on 15 minute candle closure Above the level.
Target 1: 44410
Target 2: 44570
#Demand Zone: 43900-43960 may act as a immediate buying zone, and price may bounce from the region marked in green on the chart.
#Supply Zone: 44360-44400 may act as an immediate selling zone, and price may reject from the region marked in red on the chart.
#Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital.
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#Support: 44000
Sell below: 44000 only on 15 minute candle closure below the level.
Target 1: 43790
Target 2: 43540
#Resistance: 44200
Buy Above: 44200 only on 15 minute candle closure Above the level.
Target 1: 44410
Target 2: 44570
#Demand Zone: 43900-43960 may act as a immediate buying zone, and price may bounce from the region marked in green on the chart.
#Supply Zone: 44360-44400 may act as an immediate selling zone, and price may reject from the region marked in red on the chart.
#Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital.
Follow us for more such information and educational ideas. Give it a like if you appreciate the idea. Queries will be answered in comment section.
Nota
Huge Gapdown Opening !Nota
3 expected scenarios. wait for candle closure for confirmation.
Nota
Rising wedge pattern breakdown on 5 minutes timeframe. Entry below 43865 upon 5 minute candle closing.
Nota
what a move, Thats why we should never take early entries.
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