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BankNifty at Major Resistance.

Bank Nifty though it gave a nice rally to upside after a gap up. Now at a level we have multiple resistance comming up above.40800 to 41200 and 41200 area gap needs to filled it may fill and respect the trend line from big picture, price will fall from there.On downside today gap up left a vaccant space at 40000 area it may or may not be filled but 8 out of 10 times it will come back and fill the gap.

Levels to watch

Friday high breaks sustains 15 mins go for CE till 41000,41100 and 41200 Stop loss Intermeadiate swing low 40500 area.
40500 below sustains PE targets till 40350,40200 and 40000 stop loss friday high.

Any reverasal price action on falling trend line area mentioned in chart go for PE .

註釋

Bank Nifty 30 mins time frame Price channel and support&Resistance

註釋

month on month it made lower low and higher low from feb to march and on weekly it made lower high and higher high or equal high ,what does it mean bearish ? close to march month high 41600 to 41700 area we can go shorting if any negative price action at that level any comments on probability put it down here.

註釋

As mentioned in idea multple resistance ahead only above 40800 can look for long to next resistacne 41100 area.

註釋

Any gap up wont sustain on upper level since 4 days it is going up without a small retracement profit booking expecting as it reaching resistance level and 41000 is round figure.41000 to 41200 big resistance.

Above 40800, one can play CE till to resistance level if opens flat makes positive price aciton. Look for reversal at resistance levels marked with red bars on chart.

註釋

Bank nifty still in dont go long mode multiple resistances no intraday momentum. 40800 level now seems new support if it successfully holds that area once can long with conviction. now one barrier is gone 40800 broken next level of resistance is 41200.

註釋

Any dip to 40800 area with positive price action one can go long till 41000 to 41200.

註釋

as per idea dip to 40800 buy and worked target one almost target two also reached .

註釋

Here possible scenarios for next day.
Any dip to 41000 and 49000 area buy bank nifty to targets of 41200 and trail if above sustains.
Any dip to 40800 area buy banknifty to targets of 41000 to 41200.
Play reversal if you find any negative price action on 41200 area to down side target of 41000 to 40950.
if sustains above previous day high for 15 with positive price action go long till 41700 to 41800 area.