BANKNIFTY Refer yesterday mentioned levels. Given that, from 41690 onwards could face stiff resistance and today made a high of 41725 and reversed. Also given that 41200 and blow could lend support and got support at 41260.If todays high is taken out on tomorrow, good chance to reach up to 42000 - 42300 which is also budget day high. Reason Low volume zone all the way. 41100 to 41200 area can offer some support. Refer the chart.
Meanwhile at 15 minute timeframe one beautiful VCP pattern is getting printed the break out of which will push the price up to above mentioned levels. refer the chart below.
Please keep in mind following charts
BANKNIFTY Daily time frame. If you remove the negative noise from the market for the moment there is nothing wrong with BNF charts. Daily time frame shows a consolidation. Refer chart below.BANKNIFTY weekly time frame looks like a shakeout. Refer chart below.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.