Yesterday, I published the Bank Nifty 4-hours & weekly timeframe chart. And I had mentioned updating the morning outlook for intraday traders and our subscribers. Here it is:
Is Bank Nifty Resuming Its Bearish Move?
Bank Nifty is occurring in the range between 34700 and, 33370. To get a tradable move, traders should wait for the breakdown of this range.
Traders can short below 34100 for the following targets: 33803 – 33540- 33452. In this phase of declining, traders must wait for a confirmation signal. Buyers can enter above 34700.
Is Nifty Preparing For 15950?
Nifty is forming in the range of 17500 – 16340. Price will face a consolidation if it trades between these levels. We can see big impulsive moves after the price breaks this level.
Today, We will see a gap down in nifty with a speculative boom.
After Gap is down, if the price sustains below 16220, traders can expect the following targets: 16150 – 16036 – 15956.
Bottom always takes time to be formed. A long position is only possible above 16800.
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