BANKNIFTY had been trading in a range since past 1 month now and now closed at very important level which is 35500-35600 which previously acted as a strong SUPPORT, now can act as a strong RESISTANCE!
This level could either give rise to a new trend or we can see the downtrend to continue
For confirmation, we can wait BANKNIFTY to close above 35500-35600 in daily time frame which would not only break the resistance but also break the trend line which it had been following since October and can see new BULL RUN to continue from here
On the other hand if BANKNIFTY fails to sustain above 35600 then we can again see BANKNIFTY being in the range from 34500-35500 next few weeks
This level could either give rise to a new trend or we can see the downtrend to continue
For confirmation, we can wait BANKNIFTY to close above 35500-35600 in daily time frame which would not only break the resistance but also break the trend line which it had been following since October and can see new BULL RUN to continue from here
On the other hand if BANKNIFTY fails to sustain above 35600 then we can again see BANKNIFTY being in the range from 34500-35500 next few weeks