BankNifty has formed a bearish candlestick on daily timeframe

30 août 2023

Good Morning Traders.
Yes you heard it right, Banknifty has formed a bearish candlestick pattern on daily time frame. But i am doing this analysis now in 30 mints. Because this is Intraday purpose analysis. Anyways let's talk what had happened yesterday..and what is going to happen today??

Yesterday again we have seen Banknifty maintained higher highs and higher lows formation for yet another session, though the index lost the gains from the day's high to close flat and formed a bearish candlestick pattern on the daily time frame. Bank Nifty again tried to get back above 44500, but failed to sustain the same. It has given closing at 44495.25 . It was proper consolidation day yesterday.
We might can see more consolidation between 44000-45000. As of now 44500 looks strong support zone for near term, if today again banknifty able to hold this level then we might can see Banknifty towards 44750+..Let's see what is going to happen. We will act according to price action.

Important levels for Banknifty:-

Support zone 44500-44300
Resistance zone 44650-44750

Buy Above 44583, if levels sustains at least for 30 Mints.
Targets we can see in upside 44721/44952+
Keep stop loss at 44442

Sale below 44300, if levels sustains at least for 30 Mints.
Targets we can see in downside 44153/43941
keep stop loss at 44442

Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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Thankyou

31 août 2023

Note