BANKNIFTY--Case1 or Case2??

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BANKNIFTY Index is showing bearish pressure after the liquidity grab above 47200 levels,
tomorrow we have a chance of price trading in a channel and likely to test the demand zones at
46500 levels...
these two possible cases may happens ::

Case1::Rally base Rally

A strong rise is observed from the demand zone at 46500 levels, by creating a bearish channel price may test this demand and again be bullish.
on topside if rally base rally happens the next resistance is 47600-47700.
So take care of your trades.

Case 2:: Rally Base Reversal

On topside we have a triple top, which is a strong resistance so, we can expect a break below the the demand zone and it will continue its movement towards bottom side.
Look for buy if the price grabs the liquidity on below the demand zones and keep in long side from demand zones.

注释

if price tends to move from 46850-46900 levels, price will again reach the channel top,look for sell here.

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Consolidation is observed in this zone...

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There is no guarantee that this demand will push price upside...
Keep safe... It may continue downwards

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now at demand wait for bullish

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Even if bullish, taregt is showing small for bullish.

注释

rally base reversal for continuation down....below 500 levels. upto 300 and 200 levels.

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one more reversal area....keep safe here

注释

keep in long side as long as price above the 46900 levels.

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47200 is the keyzone...to push upside or to push downside.

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At important zone of resistance... Crucial zone to downside or upside

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Do not fall in bear trap wait for consolidation for breakoout

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The zone at 47050-47080 is key zone

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Look for short at that place... If it is bearish

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No sign of bearishness...it is consolidating to move upside....

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If consolidation happens between 47050-47250 then only bullish breakout...below 47000 it is bearish.

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No short side now...

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short side only after confirming breakdown of that large gaint candle.

IIT-Trader

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