NiftyBank - Close to breaking important 22K level Resistance
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After a series of green days in the market, BankNifty is now again in the resistance zone from which it has been rejected multiple times in the past.
But, given the fact that this zone has been tested multiple times and with bullish market conditions, there is a high chance that BankNifty may break out from this zone.
The next level of resistance would be the 0.5 fib level (22400) region on the chart, which is where the 200EMA is also lining up making it a region on confluence as far as resistance is concerned.
If BankNifty crosses above mentioned resistance zones, then we can see a huge rally in BNF the near future.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
Daily RSI
NSE:BANKNIFTY - 61 ( Leaning Bullish )
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless - Jack Schwager – Author of Market Wizards
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
After a series of green days in the market, BankNifty is now again in the resistance zone from which it has been rejected multiple times in the past.
But, given the fact that this zone has been tested multiple times and with bullish market conditions, there is a high chance that BankNifty may break out from this zone.
The next level of resistance would be the 0.5 fib level (22400) region on the chart, which is where the 200EMA is also lining up making it a region on confluence as far as resistance is concerned.
If BankNifty crosses above mentioned resistance zones, then we can see a huge rally in BNF the near future.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
Daily RSI
NSE:BANKNIFTY - 61 ( Leaning Bullish )
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless - Jack Schwager – Author of Market Wizards