Magic of Trend lines:I have shared the same chart yesterday and see the action today. Bank Nifty low is at the trend line.
Trendlines are the best way to trade the market if you can follow them with discipline.
Break of 9489 tomorrow will lead to more correction in BN.
Zone till 9260 has multiple supports in Bank nifty,Break of same will lead to re test of lows of 8917 levels.
Sell below 9489 Tgt 9421,9390 and 9350
Buy above 9552 Tgt 9588,9623 and 9655
If one looks at Chart closely from past 16 trading sessions Nifty has just traded in a range bound trading from 4911-5169.
What has changed is the Sentiment of the market participants 🙂
From bearish to Bullish and Bullish to bearish.
Most important thing in trading is understanding the market trend Right now till 4900 is not broken on Closing basis we are in range bound trading range.
Technically Range Breakout trades given an excellent trading opputunities
So if it breaks below 4900 we are in all Probability will be touching the recent low of 4720 and Technically levels comes to
4911-258=4653 levels (This is again a Probable level )
Time Frame and Intensity of fall . WE took 8 days to cover from 4900-5169 and in matter of 2 days we have retraced the whole fall and back to 4900 level.
If its sustained than we will again trade in the range 🙁 4911-5170
FII Sold 72K Contracts of NF by far this is the highest Sell in past 2 Months which includes Carnage in August. Rupee is one of the Reason for the such Big Sell. Expiry is 4 sessions away and any fall below 4900 will put pressure on Long unwinding which will lead to snowball effect …
Buy above4943 Tgt 4964,4984 and 5002
Sell below 4907 Tgt 4872,4839 and 4805