Bank nifty key levels for the upcoming few week

2022年4月30日

Bank nifty might face a consolidation for a few days

Fundamental factor
1. war-like situation in the market.
2. most Chinese cities are under lockdown.
3. due to LIC IPO we could see a sell-off in the stocks for some time.
4. Fed might hike the interest rate due to increasing inflation.

So, overall there is a lot of fear In the market
(REMEMBER ALL THE BULL RUNS START WHEN THERE IS PANIC IN THE MARKET YOU CAN TAKE THE RECENT EXAMPLE OF THE WAR)

Technical reasons
1. the level of 35500 is imp because it lies at a 50% fib level and according to price action it is a good support.
2. 200ma is resisting the 37000 level and 50ema is also resisting the market.
3. so overall there are a lot of resistances in this zone so this is a no trading zone.

WHEN TO BUY?
1. there is a gap formed at the levels from 37200 to 37600 and the market tends to fill gaps with a big momentum like in the past.
2. So, we could go long once it breaks the no trading zone and 1700 points target could be achieved