Bank Nifty important levels and trade plan for Friday, 24th May
Bank Nifty important levels and trade plan for Friday, 24th May
Just like Nifty, Bank Nifty is also in an uptrend, and with lots of support below the current trading price. 48282 will be our level of concern for tomorrow, if Bank Nifty opens below this level tomorrow, after crossing this level, then we will go for a bullish trade. 49028, 49266 and 49623 will be the resistance levels. Opening above 48828 will take trade decisions after forming a proper price action, for bullish trade will decide based on 5 minute time frame, and for bearish trade time frame will be 15 minute and only after forming a negative price action near resistance levels. Below 48828 will wait for Bank Nifty to cross 48496, and then will go for bearish trade. 48293 and 47971 will be the support levels.
*This analysis is most effective up to 12:30/1 PM tomorrow*
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*
Just like Nifty, Bank Nifty is also in an uptrend, and with lots of support below the current trading price. 48282 will be our level of concern for tomorrow, if Bank Nifty opens below this level tomorrow, after crossing this level, then we will go for a bullish trade. 49028, 49266 and 49623 will be the resistance levels. Opening above 48828 will take trade decisions after forming a proper price action, for bullish trade will decide based on 5 minute time frame, and for bearish trade time frame will be 15 minute and only after forming a negative price action near resistance levels. Below 48828 will wait for Bank Nifty to cross 48496, and then will go for bearish trade. 48293 and 47971 will be the support levels.
*This analysis is most effective up to 12:30/1 PM tomorrow*
*Personal opinion, not a trade advice*
*Support and resistance levels are based on Fibonacci*