Banknifty looks bullish for swing trade.
Monthly and Weekly RSI is above 60, and Daily taking support on the 60 level.
Looking closely at price action in a 75-minute time frame, one can quickly notice "Positive Reverse Divergence" (RSI is declining, but the price is not). RSI is taking support on 40. It would be a good swing trade if the RSI starts climbing and taking support at 40.
If the price falls below the 47500 level, it may weaken for a long trade.
Overall, the trend is still up.
Monthly and Weekly RSI is above 60, and Daily taking support on the 60 level.
Looking closely at price action in a 75-minute time frame, one can quickly notice "Positive Reverse Divergence" (RSI is declining, but the price is not). RSI is taking support on 40. It would be a good swing trade if the RSI starts climbing and taking support at 40.
If the price falls below the 47500 level, it may weaken for a long trade.
Overall, the trend is still up.