Calculating Monthly Expiry for Bank Nifty.
We have a good range of 3200 tradable points in Bank Nifty for next week.
If Bank Nifty tries to recover completely we will get 2 alerts before that. Even then there's 38.2% retracement { Fibonacci level taken from last high of 13th Feb to the recent low of 16,116 } which will act as super resistance.
Markets reversed today ( Green Line ) from 78.6% retracement level { Fibonacci level was taken from the recent low of 16,116 to a recent high of 21,967 }.
Blue Zones are normal levels for Bank Nifty to move in. Black to Blue/Alert-1 zones (On both Upside & Downside) are extreme zones. Take caution while trading in these zones.
Bank Nifty may or may not reverse from these zones as this is last week/monthly expiry.
Bank Nifty traded in a long-range for the whole month of April & May. The momentum had been built for 2 months, that's enough energy for bank nifty to travel another 7-8000 points in any direction.
No matter where Bank Nifty goes, we will know the trajectory of Index before most traders will :).
There's a saying - The market can remain irrational longer than you can remain solvent.
We can still trade in a range for another month or 2 before heading anywhere at all. I will update the same chart for the month of June after next week.
Till then,
Stay Safe and Trade safely :)
If Bank Nifty tries to recover completely we will get 2 alerts before that. Even then there's 38.2% retracement { Fibonacci level taken from last high of 13th Feb to the recent low of 16,116 } which will act as super resistance.
Markets reversed today ( Green Line ) from 78.6% retracement level { Fibonacci level was taken from the recent low of 16,116 to a recent high of 21,967 }.
Blue Zones are normal levels for Bank Nifty to move in. Black to Blue/Alert-1 zones (On both Upside & Downside) are extreme zones. Take caution while trading in these zones.
Bank Nifty may or may not reverse from these zones as this is last week/monthly expiry.
Bank Nifty traded in a long-range for the whole month of April & May. The momentum had been built for 2 months, that's enough energy for bank nifty to travel another 7-8000 points in any direction.
No matter where Bank Nifty goes, we will know the trajectory of Index before most traders will :).
There's a saying - The market can remain irrational longer than you can remain solvent.
We can still trade in a range for another month or 2 before heading anywhere at all. I will update the same chart for the month of June after next week.
Till then,
Stay Safe and Trade safely :)
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.