Bank Nifty is now in critical range.
You can see Banknift falling continuously within a price channel. In Friday's session it tried to break the channel with Good momentum but couldn't maintain pace.
Now above 32150-32200 View would be Bullish
And below 30500 we can see further downside up to 29500 in Banknifty.
Pro Tip- Don't be biased with your views only trade...
Guys short analysis for Tata consumers.
Tata consumers is consolidating since long time within range of 554 & 654. Suggesting a long entry based below points.
1.High of 654 was broken on 6th April 2021 with Good volumes
2. if you see on Daily chart Price is moving in price channel as marked.
3. RSI also Bullish on Daily, weekly as well as on Monthly chart.
Refer to previous analysis on 1 hr TF for Bank Nifty.
Banknifty broke the trendline upwards and then retested the same trendline.
Today on Daily TF it's bullish engulfing candle after descent downward movement, which can be potential reversal Signal.
New long in BN FUT can be initiated CMP 33120
OR focus on Buying Calls / CE for next expiry 15th April with...
Banknifty Spot setup for coming 2-3Days.
Keep watch on trend line. Near trend line Dohi is created so could be potential reversal sign. Of 1 hr time Frame trend line is broken on uppers side could be good opportunity for long as well.
Above levels are for Spot. Similar trend lines can be drawn with FUT
Simple Trend line analysis on Bank Nifty spot prices.
Same can be drawn on April FUT as well and levels can be decided for trading FUT.
If 1 hr time Frame broken with Good volumes, could be good opportunity for long.
Also note near trendline Doji is present could be sign of reversal from trend line so wait for confirmation on either side