#banknifty view for next week 4th Oct'21 - 8th Oct'21:-
#banknifty view for next week 4th Oct'21 - 8th Oct'21:-
In an uptrend, the pullbacks are very common and as long as 50 DMA (36,227) is not violated, the trend remains up, and generally price retracing to 20 DMA ( 37,200) is considered as pull back.
We have an identical set up a few weeks back and will this scenario will be replicated? if the gap-up holds and 37K is not violated, there is a high probability for price moving up and the price momentum will pick up speed above 37,550 levels and will be accelerated above 37,750 levels.
I still see no reason to be panic in the market, because I can't see it in price.
The most important point on the chart is 37,300
The view might change below 36,200 - 36,500 levels get breached.
DP :- 37,300 - 37,350 (above +ve and below -ve)
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
In an uptrend, the pullbacks are very common and as long as 50 DMA (36,227) is not violated, the trend remains up, and generally price retracing to 20 DMA ( 37,200) is considered as pull back.
We have an identical set up a few weeks back and will this scenario will be replicated? if the gap-up holds and 37K is not violated, there is a high probability for price moving up and the price momentum will pick up speed above 37,550 levels and will be accelerated above 37,750 levels.
I still see no reason to be panic in the market, because I can't see it in price.
The most important point on the chart is 37,300
The view might change below 36,200 - 36,500 levels get breached.
DP :- 37,300 - 37,350 (above +ve and below -ve)
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
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