Banknifty saw a super trending move in today's session.
It opened a gap up
Formed Bull candle in the first trading hour, usually, first-hour price movement sets the tone for the whole day and bingo banknifty saw trending candles all throughout the day.
Now, it closed near the Highs, from where we saw a sharp correction in Feb 2021, thus this area might again serve as resistance, and bank nifty might go sideways or correct a little bit from here.
Though the structure is good on all the timeframe, hence sustaining imp support levels, any correction if comes, would get utilized in fresh buying.
Immediate support for swing traders is around 36470.
The hourly chart gives support around 36860-36830
Rsi is overbought hourly, any sharp correction may come, which might scare late jumpers in the index, hence always trade with a plan
It opened a gap up
Formed Bull candle in the first trading hour, usually, first-hour price movement sets the tone for the whole day and bingo banknifty saw trending candles all throughout the day.
Now, it closed near the Highs, from where we saw a sharp correction in Feb 2021, thus this area might again serve as resistance, and bank nifty might go sideways or correct a little bit from here.
Though the structure is good on all the timeframe, hence sustaining imp support levels, any correction if comes, would get utilized in fresh buying.
Immediate support for swing traders is around 36470.
The hourly chart gives support around 36860-36830
Rsi is overbought hourly, any sharp correction may come, which might scare late jumpers in the index, hence always trade with a plan