BANKNIFTY : Volatility ruled the day.....What can we plan ahead.
Updated
The BANKNIFTY showed some positive streaks but then finally ended the day slightly negative.
During the day it has taken support at 50 RSI leves almost thrice and bounced back. If tomorrow the market opens flat and travels down below 34828 we can plan for a target of 34828 and next would be 34673.
On the Upside if it crosses 35128 then we can plan for 35211 and next target would be 35354.
In case of gap up and gap down wait for prices to bounce back on these to resume the directional trades or else avoid trading.
My bias is on the Bearish side because of the Inverted Flag pattern that it has made on the 30 minute chart (Purely my bias)
** Please be mindful that this analysis is only for educational purposes. I am not a SEBI registered Financial advisor and do not base your decisions on this analysis. Contact your financial advisor before investing in any trading idea.
During the day it has taken support at 50 RSI leves almost thrice and bounced back. If tomorrow the market opens flat and travels down below 34828 we can plan for a target of 34828 and next would be 34673.
On the Upside if it crosses 35128 then we can plan for 35211 and next target would be 35354.
In case of gap up and gap down wait for prices to bounce back on these to resume the directional trades or else avoid trading.
My bias is on the Bearish side because of the Inverted Flag pattern that it has made on the 30 minute chart (Purely my bias)
** Please be mindful that this analysis is only for educational purposes. I am not a SEBI registered Financial advisor and do not base your decisions on this analysis. Contact your financial advisor before investing in any trading idea.
Comment
The BN is again reaching its area of rejection. Keep the levels in mind folks.
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