On Daily Timeframe, BANKNIFTY trading at important support zone. Time to wait for either breakdown or reversal for the Banknifty.
Case 1: Consolidation Move - Banknifty can consolidate near this support level before the strong movement - Consolidation zone is nearly 500 points from 44000 to 44500 level
Case 2: Breakdown Move - Confirmation for breakdown will be if Banknifty starts trading and sustain below 43500 level - Downside rally nearly 2500+ points expected in case of breakdown - Intermediate support expected near 42500 level - Short Trader can place there stop loss if banknifty starts trading above 44550 level
Case 3: Long Side Move - Long side movement expected in case banknifty starts trading and sustain above 44550 level - Above this level banknifty can go upto the 46400-46500+ level. - Intermediate resistance expected near 45500 level - Long trader can place there stop loss if banknifty starts trading below 43500 level.
To be continue. We will keep posting next update in comment section....
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Breakdown of support level. Sharp Downside Expected in market
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