BNF a big Red Candle but less strength
BNF experienced a significant gap in its opening, creating a notable difference between the previous and current trading levels. However, shortly after the initial surge, there was rapid selling activity. Interestingly, the price of BNF attempted to break through the 45700 level but instead found support at that point and reversed its direction. This highlights the significance of the 45680 level, as BNF respected and reacted to it accordingly.
Based on our previous discussion, it is evident that the Bank Nifty (BNF) is displaying significant volatility while remaining within a specific range. Notably, BNF closed precisely at the resistance level. If it opens above 45908, there is potential for a rally towards 46000 and 46156. However, if it opens with a gap down, crosses the 45680 level, and sustains below it, we may observe a decline toward the 45500 level. It is important to consider that the market is currently consolidating due to the monthly expiry, yet on the day of expiry, the market has the potential to move strongly in either direction.
Hope these levels are helping to take the positions.
Based on our previous discussion, it is evident that the Bank Nifty (BNF) is displaying significant volatility while remaining within a specific range. Notably, BNF closed precisely at the resistance level. If it opens above 45908, there is potential for a rally towards 46000 and 46156. However, if it opens with a gap down, crosses the 45680 level, and sustains below it, we may observe a decline toward the 45500 level. It is important to consider that the market is currently consolidating due to the monthly expiry, yet on the day of expiry, the market has the potential to move strongly in either direction.
Hope these levels are helping to take the positions.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.