BANKNIFTY - chart indicating a silence before the storm
Banknifty has been consolidating in a narrow range of 800-1000 points for the past one and a half month. It has established a major support zone around 43400-43500, acting like a strong wall which bears are finding tough to break. More often than not such narrow range consolidations at the top are mainly followed by a swift upside rally.
Considering all the present scenario, it can either go for path A or B. It can either accumulate buyers at this support level and eventually break through the resistance and give a rally, choosing path A or it can trap the sellers by breaking below 43400 major support and then go up after trapping sellers(LIQUIDITY HUNT) choosing path B.
Considering all the present scenario, it can either go for path A or B. It can either accumulate buyers at this support level and eventually break through the resistance and give a rally, choosing path A or it can trap the sellers by breaking below 43400 major support and then go up after trapping sellers(LIQUIDITY HUNT) choosing path B.
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Going exactly as per the plan. It accumulated buyers at the support level and soared up. Nearly 2.5% gains from our levels in 3 days.
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2000 points and running. It was a hell of a breakout.
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It did carnage and is all set again to break the barriers.