BANKNIFTY ANALYSIS FOR 3rd MAY

30 thg 4, 2021

As we can see in the chart that BANKNIFTY was continuously going upwards since 22nd April. On 29th April BANKNIFTY faced the resistance of 33950 level and then pullback occurred. Right now BANKNIFTY is currently trading at 32700 level, now we can call this pullback as a retracement. So as per the Fibonacci retracement, BANKNIFTY can retrace 50% and then it will bounce back it means if BANKNIFTY mean to be bounced back then it has to take a strong support i.e. 32400 - 32500 (0.5 Fib Support). So BANKNIFTY will retrace 50% and then it will take a support from 32400-500 level and then it will bounce back. However, BANKNIFTY can face the resistance at 33150-250.