Bullish-Above 50300
Invalid-Below 50190
T- 50900 51450
Bearish-Below 49650
Invalid-Above 49760
T- 48800
BANKNIFTY has closed on a bullish note with 0.75% gain today. It opened with 1% gap up, directly at buy level and got rejected. Overall it was sideways within 500 points range. It has formed a Pinbar candle in daily TF so above 50300 we can expect good bullish reversal move. However overall view is still sell on rise, but now near some confluence zones like PRZ and golden Fib zones.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 50300 then we will long for the target of 50900.
For selling we need a 15 Min candle close below 49650. T- 48750.
In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout.
Bank nifty may remain a bit range bound tomorrow too and if it breaks above 50150 and crosses 50248 level above it may show up to 50282 and if it crosses and sustains that level with volume it may go up to 50442 and 50050 below. If there is a break, it will go up to 49950 and if it breaks with volume, it can show up to 49874 and up to 49652. And if it opens from the gap, there is no need to buy because there has been no change in the repo rate since RBI's intervention came today. And the inflation may increase from above because there has been a huge surge in food items and especially vegetables due to the effect of monsoon and another thing is that they said that the growth of domestic prices will be 4% in food and drink items. One day the calculation did not come out and no figures came out, but he said that if he brings down that figure too, the market has become happy due to the fact that the impossible thing is not possible. The problem can also increase due to geo-political tension. This is according to our opinion.
No comments:
Post a Comment