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babuganesan

11-04-2022 BANKNIFTY NIFTY BANK

Nifty Bank Index (NSE:BANKNIFTY)  
babuganesan  
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Support and Resistance Candlestick Analysis BANKNIFTY bankniftytrend bankniftytradesetup bankniftyanalysis bankniftytrading bankniftyoptions bankniftyintradaylevels bankniftytrendanalysis bankniftyintradaysetpup
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trendanalysis supportandresistance candlestick banknifty bankniftytrend bankniftytradesetup bankniftyanalysis bankniftytrading bankniftyoptions bankniftyintradaylevels bankniftytrendanalysis bankniftyintradaysetpup
Here the market appears to be bearish.
We will be looking at both scenarios.

So on the chart,
Scenario 1: Long Position.
Based on Fibonacci Retracement and Trendline the possible resistance breakout point would be around 37850 with an SL of around 37750 and the expected target would be around 38100.

The Scenario 2: Short Position
Based on the Fibonacci Retracement and Trendline the possible support breakout point would be around 37475 with an SL at around 37575 and the target would be at around 37220.

Please note I have not marked the Fibonacci Retracements and Trend Lines to avoid complex markings.
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