Monthly Basis • BankNifty Trading below Last Month low 30996 • It has Last Month High 32613 and This Month High 32465 almost similar • Monthly candle is totally Bearish Open 32237 High 32465 Low 30521 (It has full negative body) and close Near Low
Weekly Basis • It is making lower High pattern from last 5 Week there was two high which are similar (32347-32322) which is huge resistance for Bank nifty • RSI in downword • Macd is Negative( signal line crossing MACD line)
Daily Basis • Close below 100 DEMA 30786 • Average Resistance are 31242 (20 DEMA) 31275 (50 DEMA) 30985 (10 DEMA) • Support supposed to has is 30089 (200 EMA) • From Last 7 Trading session there is no clear move the range is 31375 to 30521. • Banknifty confirmed it’s head and solder break down around 31000 • All Average and Bolinger bend indicating down side sloping view. • RSI Below 50 • MACD in Negative • ATR is Flat
Strategy: Sell Banknifty between 30900-31000 Stoploss 31275 Target 30100 (