#banknifty analysis for 13th April:-
The last 6 months trendline broke today with a gap down of 444 points, which can't be worse than this. If the breakdown holds & is valid, we move toward the 27,700 to 25,500 zone.
I am posting what I am seeing on the chart, which is tough for me to believe as well.
Decision Zone:- 30,842 - 31,042
Resistance Zone:- 31,404 / 31,698 - 32,141 / 32,751
Support:- 30,500 / 29,800 / 28,633 / 27,686
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
The last 6 months trendline broke today with a gap down of 444 points, which can't be worse than this. If the breakdown holds & is valid, we move toward the 27,700 to 25,500 zone.
I am posting what I am seeing on the chart, which is tough for me to believe as well.
Decision Zone:- 30,842 - 31,042
Resistance Zone:- 31,404 / 31,698 - 32,141 / 32,751
Support:- 30,500 / 29,800 / 28,633 / 27,686
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
