Banknifty index is clearly broken the support @47000 zone.
Price recently broken the longer term trendline as well..
Now price is trading near to support zones at 44500 minor support zone and
43500-43200 major support zone.
Short Opportunity::
Enter the short positions when price tap into this resistance zone(Support) or facing resistance from trendline.look for short opportunities from this zone.
Long Opportunity::
Enter long positions when price tap into the major support zone.looking for long opportunities from this support.
Case:1
We have a resistance in the form of support @47000.
Case:2
We have resistance in the form of trendline.
Price recently broken the longer term trendline as well..
Now price is trading near to support zones at 44500 minor support zone and
43500-43200 major support zone.
Short Opportunity::
Enter the short positions when price tap into this resistance zone(Support) or facing resistance from trendline.look for short opportunities from this zone.
Long Opportunity::
Enter long positions when price tap into the major support zone.looking for long opportunities from this support.
Case:1
We have a resistance in the form of support @47000.
Case:2
We have resistance in the form of trendline.
Note
price is near to the trendline resistance...if there is no downward pressure, from this line, then it will test the upper zone...
or wait for shortside...
Note
no clear direction in Banknifty...rally base rally or rally base reversal...wait for clear direction...liquidity lies below the base and above the base...fake out on both sides possible.
Note
45000 is the key zone to push upside or downside...here are the important levels to mark...
Note
breakout or breakdownNote
still in the zone of consolidation
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Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
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" i am a IT-Trader "
Related publications
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.
**If these ideas are Helpful !
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
" i am a IT-Trader "
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
" i am a IT-Trader "
Related publications
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.