Bank Nifty analysis and trade plan for Monday, 20th February
Bank Nifty analysis and trade plan for Tomorrow, Monday, 20th February
We may consider Bank Nifty as bearish in daily time frame after breaking its previous swing low on Friday, now in coming days, we may expect correction in downtrend or continuation in downtrend, but since Nifty is still in uptrend, hence in Bank Nifty probability of correction of a down trend is more, resulting some up move in Bank Nifty in lower time frame.
For Monday the range between 41194 and 41119 will be the no trade zone. Bearish or bullishness in market will be decided by Bank Nifty above or below this range.
41440, 41749, 41986 will be the major resistance levels for Nifty for tomorrow, however there may be some minor resistances between these levels, but due no proper price action, it will be difficult for us to plot them.
40887, 40692, 40408 will be the major support levels for tomorrow, and can expect reversal, form each level. Similar to resistances, some minor support will be there, which will act as levels of pause in smaller time frames.
OI data for Bank Nifty is bearish, with huge OI build-up in 41500 levels and considerable support at 41000 level.
*Strictly a personal opinion, not at all a trade advice*
We may consider Bank Nifty as bearish in daily time frame after breaking its previous swing low on Friday, now in coming days, we may expect correction in downtrend or continuation in downtrend, but since Nifty is still in uptrend, hence in Bank Nifty probability of correction of a down trend is more, resulting some up move in Bank Nifty in lower time frame.
For Monday the range between 41194 and 41119 will be the no trade zone. Bearish or bullishness in market will be decided by Bank Nifty above or below this range.
41440, 41749, 41986 will be the major resistance levels for Nifty for tomorrow, however there may be some minor resistances between these levels, but due no proper price action, it will be difficult for us to plot them.
40887, 40692, 40408 will be the major support levels for tomorrow, and can expect reversal, form each level. Similar to resistances, some minor support will be there, which will act as levels of pause in smaller time frames.
OI data for Bank Nifty is bearish, with huge OI build-up in 41500 levels and considerable support at 41000 level.
*Strictly a personal opinion, not at all a trade advice*
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