Observations::
The Banknifty index is showing selling pressure in ths zone @43900 level...
but failed to take the price below yesterday's supply zone @43700 levels.
until price breaks this level and retest don't think of short again...
False breakdown may also happens....don't go for short until price breaks 43600 level. It may again reverse...
if we see the chart, price respect the demand zone @43400 and will again moving upwards...
on top we have strong resistance levels @44100-44200 level...
if price consolidates between these 2 levels and will gives us breakout...
if price consolidates between 44100-44200 level and moves upward..
we have strong fall area 44350 level,may push the price downwards again but area of value @44100-44200 will again push the price upside...
so consider it as a pullback to 44100-44200 level.
Again price is also near its trendline breakout...
The Banknifty index is showing selling pressure in ths zone @43900 level...
but failed to take the price below yesterday's supply zone @43700 levels.
until price breaks this level and retest don't think of short again...
False breakdown may also happens....don't go for short until price breaks 43600 level. It may again reverse...
if we see the chart, price respect the demand zone @43400 and will again moving upwards...
on top we have strong resistance levels @44100-44200 level...
if price consolidates between these 2 levels and will gives us breakout...
if price consolidates between 44100-44200 level and moves upward..
we have strong fall area 44350 level,may push the price downwards again but area of value @44100-44200 will again push the price upside...
so consider it as a pullback to 44100-44200 level.
Again price is also near its trendline breakout...
Note
Multiple breaks to the upside is observed from the previous strong resistance @ 44200-44160 level...if price acts as support from this level...will again be bullish...keep track this level...today we have observed after a gap up, price is trading in a range failed to break upside. if it breaks below and gives pullback will be on short side. Keep wait for breakout or breakdown.
Note
on above we have resistance ... on below demand lets see what happens.Note
If we enter long where we will take profit....sooo noo long....Note
wait until price comes back to the below levels...Note
Supply zone acts as demand....but we don't know until it happens... above ATH we don't have proper Targets to take...if it again falls below then only its possible..
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**If these ideas are Helpful !
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
" i am a IT-Trader "
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
" i am a IT-Trader "
Related publications
Disclaimer
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.