#banknifty analysis for 3rd May:- #banknifty analysis for 3rd May:-
The fall of 7,303 points from 37,708 to 30,405 and followed by 55% or 3882 point pullback from 30,405 to 34,287, we might have some more steam left to move to 34.5-35K levels, downside till 33,200 to 32,600 is visible.
Decision Zone:- 32,960 - 33,030
Resistance Zone:- 33,195 - 33,247 / 33,644 / 34,057
Support Zone :- 33,605 / 33,247 - 33,195 / 32,926 / 32,605
SL for positional long 32148.40
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
