Banknifty - Strong Daily Demand Area
Bank Nifty has touched its strong daily demand area which coincides with weekly demand area as well.
This demand area has given a 2700 points run in the recent days. So expecting a good bounce back towards 44500 and 45,000
HDFC has touched its demand area. 1768
Axis has also touched good support area - 929
Kotakbank almost touched its gap based demand area -1776 (1764 is the actual demand area)
ICICI touched daily support area 946
SBI touched its magical number 555
So we can expect a big bull run in Bank nifty which will push Nifty towards 20,000.
OI chart also indicates good support near 43800 and 43700 but it has a resistance at 44, 000 which will cause a short covering rally.
Moreover Bank Nifty was down 6% straight 21 days from 21-July ( so Burry's short news would have factored in already) , so expecting a good short covering rally in Bank Nifty.
Note: This is only for educational purpose.
This demand area has given a 2700 points run in the recent days. So expecting a good bounce back towards 44500 and 45,000
HDFC has touched its demand area. 1768
Axis has also touched good support area - 929
Kotakbank almost touched its gap based demand area -1776 (1764 is the actual demand area)
ICICI touched daily support area 946
SBI touched its magical number 555
So we can expect a big bull run in Bank nifty which will push Nifty towards 20,000.
OI chart also indicates good support near 43800 and 43700 but it has a resistance at 44, 000 which will cause a short covering rally.
Moreover Bank Nifty was down 6% straight 21 days from 21-July ( so Burry's short news would have factored in already) , so expecting a good short covering rally in Bank Nifty.
Note: This is only for educational purpose.
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