Hello Traders,
BANKNIFTY for the past 10 Trading sessions faced a RESISTANCE at a downward TRENDLINE.
PRICE rejected 5 times at the TRENDLINE.
Today it gave a breakout and BANKNIFTY closed above the Trendline.
*** 34000 is very important level at HIGHER TIMEFRAME ***
1) If BANKNIFTY break & Retest that 34000 level. We can go LONG .
----> Because yesterday was a BULLISH ENGULFING in a DAY CANDLE on BANKNIFTY, and today also price close above the previous day high.
----> BANKNIFTY also breaked a TRENDLINE.
----> NIFTY is also formed a same structure and it also gave TRENDLINE BREAKOUT.
----> ONLY when NIFTY goes above WEEKLY PIVOT which is 16400.
TARGET --- 34500 & 34900
2) If BANKNIFTY faced any RESISTANCE at 34000 level we can SHORT BANKNIFTY.
TARGET --- 33300 & 33200
( NOTE : TOMORROW IS WEEKLY EXPIRY SO WE CAN EXPECT MORE VOLATILITY )
Do comment your thoughts ...
Thank you <3
BANKNIFTY for the past 10 Trading sessions faced a RESISTANCE at a downward TRENDLINE.
PRICE rejected 5 times at the TRENDLINE.
Today it gave a breakout and BANKNIFTY closed above the Trendline.
*** 34000 is very important level at HIGHER TIMEFRAME ***
1) If BANKNIFTY break & Retest that 34000 level. We can go LONG .
----> Because yesterday was a BULLISH ENGULFING in a DAY CANDLE on BANKNIFTY, and today also price close above the previous day high.
----> BANKNIFTY also breaked a TRENDLINE.
----> NIFTY is also formed a same structure and it also gave TRENDLINE BREAKOUT.
----> ONLY when NIFTY goes above WEEKLY PIVOT which is 16400.
TARGET --- 34500 & 34900
2) If BANKNIFTY faced any RESISTANCE at 34000 level we can SHORT BANKNIFTY.
TARGET --- 33300 & 33200
( NOTE : TOMORROW IS WEEKLY EXPIRY SO WE CAN EXPECT MORE VOLATILITY )
Do comment your thoughts ...
Thank you <3
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