BankNfity-Re-test of support as resistance | Watch price action
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After 6 consecutive red days, BankNifty finally showed a green candle today.
The 21K level was a level of support for BankNifty which was broken in the previous session and BankNifty has come back and tested it as resistance.
In textbook terms, this would still bearish and we should expect BankNifty to now go down lower after re-test of support as resistance.
If BNF manages to get above 21K and hold the level, then we can expect an upside rally.
If not, then BankNifty would go down and test the previous day's candle low as support.
If the previous candle low breaks, we can expect BNF to test the support zones marked in green
1. 20 K - Round level support
2. 19.5 K - Previous swing
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“Learning to accept the risk is a trading skill—the most important skill you can learn. Yet” ― Mark Douglas
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
After 6 consecutive red days, BankNifty finally showed a green candle today.
The 21K level was a level of support for BankNifty which was broken in the previous session and BankNifty has come back and tested it as resistance.
In textbook terms, this would still bearish and we should expect BankNifty to now go down lower after re-test of support as resistance.
If BNF manages to get above 21K and hold the level, then we can expect an upside rally.
If not, then BankNifty would go down and test the previous day's candle low as support.
If the previous candle low breaks, we can expect BNF to test the support zones marked in green
1. 20 K - Round level support
2. 19.5 K - Previous swing
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“Learning to accept the risk is a trading skill—the most important skill you can learn. Yet” ― Mark Douglas