BANK NIFTY TIPS

NIFTY
Timeframe – 1 Hour

Nifty has formed the minor channel wherein price has made excess. This excess has driven prices into the minor channel.

The upper band of the channel indicates the supply zone. Rejection from the upper band has a strong bearish indication. In this case, nifty has the support of 17000 & 16800.

If the price breaks the upper band of the parallel channel, we can see the price can push to our pivot zone 17420. A breakout of the pivot range is a bullish indication for traders.
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BankNifty
Timeframe: 1 hour

Bank Nifty is also facing resistance from the upper band of the parallel channel. Bank Nifty is bearish below 36420 for the support levels of 36250 – 36000 – 36800.
If the price sustains above the parallel channel, nifty can face the resistance at 36900.
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In the previous article, I have mentioned the weakness or gap down. Yesterday, nifty opened in a gap-down of 219 points.
Click Here: NIFTY OUTLOOK: IS NIFTY PREPARING FOR 16800?

NIFTY

Today, we can expect a pullback to the current move, which will go up to the upper band of the B channel.
Nifty has broken down the lower band of channel B.

If the price beaks face resistance at the lower band, the price may fall for the support level 17000 – 16912 – 16800.

The key level for the up move is 17250. If the price sustains above the 17250, traders can expect resistance levels: 17300 – 17425 – 17466.

Don’t forget trend never moves in a straight line. It creates lows and highs. The bull trend can only be possible during the breakout of 18121.

BANK NIFTY

Bank Nifty has completed the zigzag pattern at 38759 with 0.786% Fibonacci extension. This down move has also broken down the ABC channel.

The market never stops its cyclical move. Yesterday, Bank nifty touched the lower band of the minor parallel channel. Nifty had made the range between 36965 & 36526
If the price respects the parallel channel, traders can expect a good up move to 37150 – 37251 – 37315

If the price breaks down the parallel channel & sustains below 36500, it will be a bearish signal because 36500 is a pivot level.
However, the assumption of a positive day can be possible as the global market is +ve.

Only premium subscribers will get entry, exit, and stop-loss at the exact time.

First, I recommend reading the previous report of BankNifty.
Link: BANKNIFTY Can’t Wait to Fall – Even Without NIFTY’s Help

According to technical analysis, Banknifty is trying to collapse. It needs solid support to reenter into the uptrend channel. The strong support is nearby the 34600 level. It will try to retest 35260 – 34880 – 34600 levels this week.

The uptrend will start in below two conditions:

• If Banknifty remains above the uptrend channel.
• If Banknifty breakout the parallel channel.

MACD, DMI, MA, and Volume are signaling bears are stepped in.

What will happen if conditions break? Don’t miss reading the next report…