BankNifty has closed strong last week.
Banknifty and Nifty look bullish in the weekly chart.
Based on the current condition, we are looking at the following:
1. If a 15 minutes candle closes below 39000, we can go short. 39000 is an important level. FOr this level to break, the price needs to first break the trend line around 39300 levels
2. If a 5 minutes candle closes above 39500, we can go long with a short term target around 39650 - 38700 levels. If the price moves beyond that, then Banknifty could easily go to 40000. Note: the resistance at 39550 is not so strong since it has already been tested twice.
Banknifty and Nifty look bullish in the weekly chart.
Based on the current condition, we are looking at the following:
1. If a 15 minutes candle closes below 39000, we can go short. 39000 is an important level. FOr this level to break, the price needs to first break the trend line around 39300 levels
2. If a 5 minutes candle closes above 39500, we can go long with a short term target around 39650 - 38700 levels. If the price moves beyond that, then Banknifty could easily go to 40000. Note: the resistance at 39550 is not so strong since it has already been tested twice.