Overview: Banknifty gapped up above the triangle pattern tested 35265 levels but was holding onto it when later there was a profit booking seen in both the indices and it took support on lower triangle bar.
So as expected it was a volatile day with the market making wild moves and taking support at lower levels.
Again the range is the same as yesterday and mentioned below. As the trendline is supporting below the lower trendline we can see a good fall if we sustain on 15 mins till 34894 and 34630 levels.
Banknifty resistance level: 35265/35520
If we open flat, and cross the triangle pattern on the upside then higher resistance levels can be tested but do not go aggressive buying until we have a closing above 35530 levels on the daily pattern.
Banknifty Support level: 34893/34630
Only if we form a price action below the triangle pattern, we can short BNF for lower levels of the target, but as 34630 is a good support zone we can see a good buying at that level.
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So as expected it was a volatile day with the market making wild moves and taking support at lower levels.
Again the range is the same as yesterday and mentioned below. As the trendline is supporting below the lower trendline we can see a good fall if we sustain on 15 mins till 34894 and 34630 levels.
Banknifty resistance level: 35265/35520
If we open flat, and cross the triangle pattern on the upside then higher resistance levels can be tested but do not go aggressive buying until we have a closing above 35530 levels on the daily pattern.
Banknifty Support level: 34893/34630
Only if we form a price action below the triangle pattern, we can short BNF for lower levels of the target, but as 34630 is a good support zone we can see a good buying at that level.
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