05 Jun 24 Fibonacci levels correlates to SR levels of BankNifty
Banks had a higher aggression today, but just like the comments I posted in Nifty's post mortem report - I do not wish to go long yet. Take a look at the Fibonacci levels drawn for BankNifty's price action last 3 days.
100% level is at 51119
0% at 46267 - quite near my SR level of 46284
23.6% level is @ 47412, quite near 47477 SR
38.2% level is @ 48120, my support/resistance @ 48115
50% level is @ 48693, my marked SR is 48661
61.8% level is @ 49265, my closest SR is 48947.
In the final 30 minutes, we closed below the 61.8% level. The best I could think of is to change the stance to neutral now and then go long if 50080 levels are getting taken out, but I do not have a marked level around the 50000 levels yet - mostly because the price action was quite shallow there.
From a macro perspective, it is too early to judge if what we had was the continuation of the stubborn bull rally or just a minor pull back to yesterday's near 10% drop. Would like to watch this space pretty closely before taking major directional decisions.
100% level is at 51119
0% at 46267 - quite near my SR level of 46284
23.6% level is @ 47412, quite near 47477 SR
38.2% level is @ 48120, my support/resistance @ 48115
50% level is @ 48693, my marked SR is 48661
61.8% level is @ 49265, my closest SR is 48947.
In the final 30 minutes, we closed below the 61.8% level. The best I could think of is to change the stance to neutral now and then go long if 50080 levels are getting taken out, but I do not have a marked level around the 50000 levels yet - mostly because the price action was quite shallow there.
From a macro perspective, it is too early to judge if what we had was the continuation of the stubborn bull rally or just a minor pull back to yesterday's near 10% drop. Would like to watch this space pretty closely before taking major directional decisions.