#banknifty analysis for 9th June'2021
Looks like a zig-zag correction, which seems to get over and will move back to the normal course of upmove. The market is well above 20/50/200 DMA and correction seems to be normal for a long entry.
Decision Line:- 35,200
Resistance:- 35,370 / 35,550 / 35,960
Support Zone :- 34,950 / 34,844 - 34,717 / 34,410 - 34,608
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG.
Looks like a zig-zag correction, which seems to get over and will move back to the normal course of upmove. The market is well above 20/50/200 DMA and correction seems to be normal for a long entry.
Decision Line:- 35,200
Resistance:- 35,370 / 35,550 / 35,960
Support Zone :- 34,950 / 34,844 - 34,717 / 34,410 - 34,608
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG.
Looks like a zig-zag correction, which seems to get over and will move back to the normal course of upmove. The market is well above 20/50/200 DMA and correction seems to be normal for a long entry.
Decision Line:- 35,200
Resistance:- 35,370 / 35,550 / 35,960
Support Zone :- 34,950 / 34,844 - 34,717 / 34,410 - 34,608
This was my analysis posted last evening:-
1. Market took support from the lower channel and crossed 35200 to make a high of 35,408, using the analysis, you catch the first upside target of 35,370:- +170 points.
2. It sold below 35,200, even if you waited from the channel to break to take short trade, you meet two targets on the lower side 34,950 & 34,717.
3. The green arrow mentioned in the chart is from the green zone ( 35,717-34,844, which is a buying area and higher targets will be achieved tomorrow.