Points to be noted from the above chart
- one may notice that Whenever Bank Nifty has broken its 5 day EMA it has invariably tested its 20 days EMA.
- Moreover the chart also reflects that the index has touched its 1.618 Fibonacci extension level which is an important level to watch out for.
- Given the chart set up, if Bank Nifty respects the 1.618 extension level as resistance zone, then on break of 22225 level Bank Nifty might see levels of 21800 and probably even lower.
Take care and safe trading...!!!
- one may notice that Whenever Bank Nifty has broken its 5 day EMA it has invariably tested its 20 days EMA.
- Moreover the chart also reflects that the index has touched its 1.618 Fibonacci extension level which is an important level to watch out for.
- Given the chart set up, if Bank Nifty respects the 1.618 extension level as resistance zone, then on break of 22225 level Bank Nifty might see levels of 21800 and probably even lower.
Take care and safe trading...!!!