Bank Nifty Intraday Analysis and Levels:
If Bank Nifty breaks below the crucial level of 46800, there is a high likelihood of a price swing from low to high reaching the 0.5 to 0.618 Fibonacci retracement levels. At this point, we would aim to maintain a hold on put options.
The analysis indicates a strong upside potential with a gap yet to be filled. However, the upside is not robust as the supply zone is active on the 5-minute timeframe, where a small 'M' pattern completion is observed. On the 15-minute timeframe, the 30-period simple moving average is acting as support.
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If Bank Nifty breaks below the crucial level of 46800, there is a high likelihood of a price swing from low to high reaching the 0.5 to 0.618 Fibonacci retracement levels. At this point, we would aim to maintain a hold on put options.
The analysis indicates a strong upside potential with a gap yet to be filled. However, the upside is not robust as the supply zone is active on the 5-minute timeframe, where a small 'M' pattern completion is observed. On the 15-minute timeframe, the 30-period simple moving average is acting as support.
#priceactiontrader_tg