Narrow Range : Bank Nifty Analysis for 19th'FEB
Recap :
After a 2 days bullish run from 14 & 15 bank nifty was cooled down in a tight range between 46300 to 46500 on 16th FEB'24 Also some profit booking was done after 1pm at strong resistance 46500 also happens to be round number. lastly BN stalled at 46300.
Insights for tomorrow:
BN Ranging at resistance on daily time frame previously touched twice and gave big bearish moves already BN was weak on 16th after 1PM.
Forming Bearish wick reversal candle on hourly time frame at 2.15pm candle.
Also profit booking can be seen by tomorrow
Gap Up opening above 46600 can give us buying momentum to continue
#Support : 46300-350,46100
#Resistance : 46600,46800-850
Note: Do your own analysis before making any trading decesion
After a 2 days bullish run from 14 & 15 bank nifty was cooled down in a tight range between 46300 to 46500 on 16th FEB'24 Also some profit booking was done after 1pm at strong resistance 46500 also happens to be round number. lastly BN stalled at 46300.
Insights for tomorrow:
BN Ranging at resistance on daily time frame previously touched twice and gave big bearish moves already BN was weak on 16th after 1PM.
Forming Bearish wick reversal candle on hourly time frame at 2.15pm candle.
Also profit booking can be seen by tomorrow
Gap Up opening above 46600 can give us buying momentum to continue
#Support : 46300-350,46100
#Resistance : 46600,46800-850
Note: Do your own analysis before making any trading decesion