Banknifty - Weekly Analysis and Levels for 16 - 20th Jan 2023
Bank Nifty closed on Friday with Positive note, but still the Major trend what I see is BEARISH in both Nifty and BNf.
Expectation : BEARISH / Negative Sentiment - We have kind of narrow Weekly CPR in Banknifty for Next week.
So its going to be trending week and We have wide Resistance zone at 4300 - 42900 where we can expect reversal towards Down side. On the Downside 41800 - 41600 is the support zone if that is taken out more fall is expected in Bank Nifty up to 40790 - 39980
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
Expectation : BEARISH / Negative Sentiment - We have kind of narrow Weekly CPR in Banknifty for Next week.
So its going to be trending week and We have wide Resistance zone at 4300 - 42900 where we can expect reversal towards Down side. On the Downside 41800 - 41600 is the support zone if that is taken out more fall is expected in Bank Nifty up to 40790 - 39980
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
