Outlook for Nifty Bank for the Dec Expiry
Technically on the daily charts we see Major support on the downside for NIFTY BANK index lies at 34000 levels, whereas Major resistance on the upside is capped around 35550-35650 levels.
If NIFTY BANK index breaches Major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33000/32700 and if breaches Major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 36200. Break and close of Falling channel will confirm that new UP trend has Started.
Divergence in RSI also indicating Bottom Should be in place or One more Fall for Double Bottom then recovery Should start.
Currently NIFTY BANK index is trading Below 200 days moving average @ 35721 and suggests long term trend is Bearish.
IN Bull Trend corrections markets spend time below 200MA for week or two and once above 200MA new Bullish Trend Starts.
Technically on the daily charts we see Major support on the downside for NIFTY BANK index lies at 34000 levels, whereas Major resistance on the upside is capped around 35550-35650 levels.
If NIFTY BANK index breaches Major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33000/32700 and if breaches Major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 36200. Break and close of Falling channel will confirm that new UP trend has Started.
Divergence in RSI also indicating Bottom Should be in place or One more Fall for Double Bottom then recovery Should start.
Currently NIFTY BANK index is trading Below 200 days moving average @ 35721 and suggests long term trend is Bearish.
IN Bull Trend corrections markets spend time below 200MA for week or two and once above 200MA new Bullish Trend Starts.
Nota
Positional *Long* Trade can be taken above 35375 *15min* candle close *SL* *35045*Long trade in jan expiry can be taken as expiry is near.
For Educational purpose only
Regards,
MD
Dagangan aktif
Banknifty *Long* Trade @ *35500* Jan @ ( 9.30am on 31-Dec 2021)Dagangan ditutup secara manual
Banknifty Long Trade Booked @ 36967 Trade Closed ( Happy Trading) @ 2.41pmPositional Traders Can Buy 36700 pe ( 13 jan )As Hedge and can hold Longs For 37500
Regards,
MD
Dagangan ditutup: sasaran tercapai
37500 Achieved Trade closed
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.